Cyprian Brady (Dublin Central, Fianna Fail)

If it is agreed we will take ten minutes each.

I welcome the opportunity to speak on this important Bill. When we consider the economic climate, not just at home but abroad, this legislation is probably one of the most important legislative measures this House will have introduced in a very long time. We are a small, open economy on the periphery of Europe susceptible to the changes taking place globally in economies we have used as models for many years but which are now struggling.

The only welcome aspect is that the foundations we have laid in the past ten years will ensure we do not experience some of the more drastic and sudden collapses we have seen in other economies. Commentators and speakers in this House have mentioned countries such as Iceland but difficulties are being experienced in countries like Japan, which we regarded as a model economy for many years. When we consider how susceptible we are as a small country, the chances are that this legislation will have to save us from going under like some of the other countries. This legislation is about managing our way through the difficulties. I have to laugh when I hear some commentators say we have wasted the so-called Celtic tiger and its benefits.

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