Paul Gogarty (Dublin Mid West, Green Party)

I will begin by referring to the end of Deputy Durkan's contribution on this amendment when he used the phrase "more confidence". The quickest way to instill confidence is to pass this legislation. This is why while I agree with the sentiments of the amendment wholeheartedly, it would be flawed to place this type of constraint on the Minister.

I agree that the worldwide financial system is shattered. As far as I am concerned, it is a global pyramid scheme. The financial markets have long since left marking their speculation against value. If one could return to the gold standard at least one would have something to measure it against. Today, most of the world market is based on speculation. It is based on human emotion, greed and fear. It is not based on any reality.

A couple of years ago, our deputy leader, Deputy Trevor Sargent, referring to peak oil production rather than economic collapse, though they are related, stated that very soon Ireland would have to enter a wartime economic footing. This emergency legislation is that wartime footing. In a wartime situation we fight to defend ordinary people and this legislation is about defending ordinary business people, PAYE workers and people on social welfare. Unfortunately, I must support it with gritted teeth because there are a lot of scum, and I state this deferentially in one sense, who do not deserve to be bailed out in this way. These people made a great deal of money out of many innocent people. Unfortunately, this is the only way we can protect our society. Passing this legislation is very much in the national interest, a phrase which is often used.

The banks have lent money improperly and this was supported by successive Governments. We had a good Celtic tiger spurred on by Fianna Fáil and the PDs and by Fine Gael, the Labour Party and Democratic Left. However, bad decisions were also made, including with regard to developer-led greed and speculation. This was not only in terms of macro-economic policy, but also with regard to decisions made in council chambers throughout the country where corrupt or incompetent local representatives increased the value of land tenfold overnight by rezoning, thus encouraging baby developers to get onto the ladder, encouraging people to speculate and banks to lend more and more money until the bubble expanded to the point where it is just about to burst. This is the problem with which we are dealing now.

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