Martin Mansergh (Tipperary South, Fianna Fail)

The search for people to blame is in full swing, but we should guard against too simplistic an analysis. While imprudent actions, or worse, at home have certainly greatly exacerbated the situation, the budgetary difficulties and loss of competitiveness we are facing are not caused solely by a few bankers and developers. Making them pay for their mistakes may help assuage public feelings, but will not fill the holes in the dyke.

We need a perspective on what has happened so suddenly and why, apart from the obvious global diversion. We are never going to abolish the economic cycle. While political leaders worldwide promise from time to time to abolish the stop-go, boom-bust and to bring about sustainable growth, implying that it is possible to continue onward and upward, I disagree. I do not believe we will ever again in this country view a tearaway growth that we never experienced before as an unalloyed blessing, where in fact it carries with it the seeds of threat. In biblical Egypt, there were seven fat years and seven lean ones. Every farmer knows to save fodder for the winter. We are fortunate here that the much maligned former Minister for Finance, Charlie McCreevy, and his successor, the current Taoiseach, Deputy Brian Cowen, put aside surpluses into the national pension reserve fund, which thankfully has given us some of the money we so badly need to cope with the banking crisis.

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