Martin Mansergh (Tipperary South, Fianna Fail)

Much of the initial anger of the French revolution was directed at financiers and speculators. Today, strictly within the rule of law, those who have brought disaster on what would once have been regarded as the ultimate in sound institutions, the bankers, must face the consequences. Whether legally or morally, they have a liability for the debts they have incurred, which must not be heaped on the taxpayer to clear up, while they go off and enjoy extravagant lifestyles in the Caribbean or some other warm foreign climate.

From now on, people will be judged by the extent to which they are prepared to pull their full weight, to give example and, where necessary, to forego personal advantages. The effort of everyone is needed. Public service is and should be a high calling, adequately remunerated but without exploiting the capacity of the taxpayer, which may fall as well as rise, as if it were virtually infinite.

The sooner we take the necessary steps for recovery, the better chance we have of emerging from current difficulties relatively early. This Bill is one of the decisive first steps. We will not see anything like the Celtic tiger again in our lifetime but we can do a great deal in future, when and as we recover, to pull prosperity and equity closer together.

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