Micheál Martin (Cork South Central, Fianna Fail)

Such an over-simplistic presentation led to yesterday's inconclusive result at Congress level. That result has the potential not only to affect the US economy but also to have global ramifications. The Government's decision to introduce the legislation before the House will affect every member of Irish society. In essence, it is about employment. Deputies spoke about the decline in this country's employment figures and the growth in unemployment. The bottom line is that everybody with a stake in our economy — including elderly people, those who are employed, the self-employed, business people and shopkeepers — will benefit from this legislation. Such people would ultimately pay the price of the indecision that would prevail if this step were not taken by the Executive or the Oireachtas. We need to put such a fundamental point to the people in an honest manner.

The Government has not taken this decision lightly. It took significant advice from the key authorities in this field. Its decision to underpin the stability of our financial system, by enabling funds to flow and the wheels of our economy to turn, was made in the best interests of all the Irish people rather than to benefit any single group or section of society. That is the bottom line in terms of our decision. I am sure the Members of the Oireachtas, including Opposition Deputies, accept the imperative that the Government has put before the House in the shape of this legislation. It is important to move in a coherent manner, as quickly as possible, to underpin the confidence that has already been generated by the Government's decisive action. Indecision would create further challenges and difficulties.

It is clear that we are witnessing extraordinarily volatile times. Perhaps the exact extent of the impact of this volatility has yet to emerge fully. Recent events throughout the world, particularly in the United States, are unheralded and unprecedented. I refer to the quality of the institutions which have fallen, or have had to be subsumed into other institutions. As the global financial crisis has evolved, the Government has been consistently mindful of, and committed to, the need to underpin stability at all stages. It has increased fivefold the extent to which it is prepared to protect deposits. It is important to accept the bona fides of the decision that has been taken by the Government. We should not fall into the trap of engaging in the type of debate that pits one group against another.

This legislation will not offer a free ride to the banks and the other financial institutions. Commercial rates will apply. There is a price to be paid for the State guarantee. Deputy Bruton spoke about the powers which may be taken on by the Minister for Finance. In the current circumstances, it is advisable to make legislative provision that enables the Minister to take action. It is right to give the Minister certain enabling powers. He or she should have the capacity to respond to situations as they emerge and evolve. I will now hand over to my colleague, the Minister, Deputy Gormley.

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