Michael Kennedy (Dublin North, Fianna Fail)

I welcome the opportunity to speak on this important Bill, the title of which, Financial Emergency Measures in the Public Interest Bill 2009, sums up the current situation. It is a worldwide economic crisis that we now face and anyone who denies this is living in cloud cuckoo land. Occasionally I believe some members of the Opposition fit this description because they are not facing the reality that an €18 billion deficit faces us this year; that amounts to a minimum of €55 million per day.

I do not profess to be an economist, although I come from the business world, but this type of deficit is unsustainable. No person, company or organisation can sustain expenditure of €55 while earning only €37. To multiply this, Ireland could spend €55 billion this year and take in a maximum of €37 billion, or €38 billion if we are lucky. The Government has formulated a plan to get the public finances back in order; it has been proposed that we will save €2 billion this year and €14.5 billion over the coming four years.

Everyone in this Chamber must put his or her shoulder to the wheel, rather than apportion blame. The last time I spoke here on finance, a couple of weeks ago, I asked the Opposition to recognise the difficulties we face and for all of us to work collectively towards a solution to the crisis. What has happened has happened and it is not just an Irish problem, it is an American problem, a British problem and a European problem. I would have thought that at this stage, having gone through the process with the social partners, all political parties would recognise the severe difficulties we face. The Labour Party is still living in cloud cuckoo land by deluding itself that we do not have this problem. The unions recognise that we must save €2 billion this year and more in future years.

Talking down banks and the economy will not do us any good in Ireland or internationally. The reality is we must live within the financial confines laid down by the European Union. We rely on international investors and bankers to loan us money to allow us trade our way out of the crisis we are in.

I believe certain bank executives have broken laws and I want to see them brought to justice. However, I do not feel that we, as politicians, should make rash statements in this Chamber or outside it that might prove useful to legal eagles in defending bankers in future court cases. The Director of Corporate Enforcement and the Financial Regulator are carrying out investigations and I look forward to their findings as much as anyone in this Chamber. However, we must not make rash statements that could facilitate people in avoiding justice.

I agree with Deputy Burton on the salaries executives receive. Regardless of whether it is €2.9 million or €2 million, the amount of money is obscene in the context of how people are suffering at the moment. The Minister has given a commitment that salaries will be investigated and capped — I believe this is necessary and I look forward to the findings of the report. I cannot see how one can justify anyone, whether in Ireland or elsewhere in the world, receiving a salary more than twice what the Taoiseach receives. The report should recommend a salary cap across the board.

I am sick of comments in this Chamber in the past few days smearing the Taoiseach, the Government and backbenchers. This smear is that somehow we are involved in a golden circle. I remind the Opposition that in the past it has used the little inner circle quite well. While I hesitate to use the name of Dr. Garrett FitzGerald, a man I hold in the highest esteem, and I cast no aspersions on his integrity, he had a major loan paid off by AIB.

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