Billy Kelleher (Cork North Central, Fianna Fail)

We must be conscious of our position. Many of the unpalatable decisions this side of the House must make are made for the right reasons, in the context of trying to stabilise the public finances and ensuring we have an ability to go into the international markets to borrow for our national development plan. That is equally true of the decision to put money from the National Pensions Reserve Fund into the banks. There is a myth — I know it is not put forth disingenuously but by accident — that we are bailing out the banks. Nothing could be further from the truth. We are trying to ensure there is a stable, vibrant banking sector that will allow working capital to flow into small and medium sized businesses as well as larger corporations, which will create employment in the future.

I commend the motion. However, the issue of a surtax on the remuneration of senior executives should be seriously considered given the pain and anger of ordinary people. This is not retribution. It is about social solidarity and a recognition that everybody must carry their fair share of the burden in these very challenging times.

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