Niall Blaney (Donegal North East, Fianna Fail)

I thank my colleagues for sharing time. I very much welcome the opportunity to speak on the Private Members' motion and to support the Fianna Fáil amendment.

With regard to the pension levy, this is certainly no easy time for any family. My colleague has depicted the global scene, including the European scene, and it is evident from this that our difficulties are no different from those of any other country. Deputy Michael Ahern referred to exports to the United Kingdom and the depreciation of sterling, which has made trade very awkward in this country.

We have been very lucky that the number of public sector employees increased significantly in recent years. We all welcomed this but with it comes the burden of additional pay. While there is to be expenditure of €54 billion this year, more than one third, approximately €20 billion, will be on public sector pay. Anybody with a commonsense approach will know this is not sustainable. It is for this reason, and also because nobody has any alternative, that the levy was introduced.

The pension levy does two things: it protects existing public service jobs and it protects pensions. Despite what we heard tonight and last night, nobody on the opposite side of the House has come up with any worthwhile proposal that will meet the shortfall of €2 billion. We can cry and scream all we like and criticise this and that, but one should not be allowed to have one's say unless one can step up to the plate. The parties opposite have not done so and this must be emphasised.

I congratulate the Minister for Finance on the code of conduct introduced for the banking sector. For the first time, very strong protection measures are being introduced in respect of the making of mortgage repayments and banks trying to repossess houses. This offers comfort to many mortgage holders. Given time, confidence will grow among first-time buyers, many of whom are waiting for prices to fall further. I am sure they will fall.

Despite all the negativity, we must recognise how much the cost of running a car, for example, has decreased in recent years. Insurance costs have decreased considerably, as have the costs of petrol and tax. Home heating oil prices have decreased considerably also. There are major savings to be made. If one listened to all the doom and gloom, one would conclude there are no savings to be made, but there are. When times are difficult, there are positive developments. I find it hard to read a motion that criticises every measure but fails in every way to state how the required €2 billion could be saved.

There has been much talk about the ten individuals in Anglo Irish Bank. Considerable pressure was placed on the Taoiseach all day to name them. I hope the Taoiseach and this House do not to find out who the individuals are. If the recklessness in this House over recent weeks is repeated when the names are discovered, the individuals will not be prosecuted.

I listened last week to the leader of Fine Gael talking about banks going bust and to the Labour Party finance spokesperson talking about a particular bank going bust. They do not seem to know how reckless their statements are. They are causing markets to fall further.

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