Billy Kelleher (Cork North Central, Fianna Fail)

I welcome the opportunity to speak on this motion. The amendment that has been moved by the Minister for Finance "notes that the Government has taken determined and decisive action to restore, through the Bank Guarantee Scheme, Recapitalisation and otherwise, the health and reputation of the financial system". In recent weeks and months, the Government has been deeply involved at every level in trying to ensure the financial viability of this country and the strength of its banking system. Some of the commentary from outside and inside the House has been unhelpful. There has been a change in that regard lately, however. People have started to realise that as we are in this together, we need to address these problems in a coherent manner. We need to pull together to put measures in place to stabilise this country's financial system.

Some of the commentary on the problems in Ireland has been inward-looking. Some comments have been made solely in the context of the Irish situation. This is an international problem, however. It originated in the sub-prime market in the United States and has spread across the whole world. Every country with a modern financial system is creaking under the pressure. Ireland is no different. When people criticise the actions that are being taken, they should do so on the basis of facts rather than in the context of a partisan approach that involves trying to undermine the Government's credibility. People are speaking about Ireland's financial difficulties without reflecting on the global challenges that are visiting these shores. They are talking about coming together in a bipartisan spirit, but I wish their deeds would reflect their words and commentaries. Over the next few weeks, I urge everybody to be supportive during what is a fundamentally difficult time not just for the Government but also for every man, woman and child in the country. There is a great deal of fear. People are worrying about their jobs and the potential loss of their homes. That is why Deputies on this side of the House are trying to ensure there is integrity in the banking system. The Minister for Finance spoke about regulation in that context.

Fundamentally and importantly, the most immediate issue we face is the need to bring stability to our financial and banking systems. The first decision that was taken involved the introduction of the bank guarantee scheme. That was a very brave and historic decision, because if we did not do it, there could have been a big fall back in Irish banking. Every outside commentator recognises that. It was disappointing that we did not get full support in the House, but I believe that as time goes on, it will be shown to have been the right decision. It gave the Government the opportunity and the breathing space to deal with the banks in a structured manner with regard to recapitalisation and risk management. Time was needed for this, and the bank guarantee allowed that time.

There are myths and rumours which claim that the Government is shoring up the banks. The Government is ensuring that we have a viable banking sector that can ensure a flow of credit to small and medium-sized businesses. We now have a code of practice in that area and in the area of mortgage arrears. Equally, we have ensured an availability of credit to first-time buyers, so that there might be some stimulation of the economy. These are critically important issues.

It was very interesting to listen to Mr. Peter Sutherland today, a man who everybody in this House would hold in very high esteem. He brought some sense and reality to the debate on the challenges facing Ireland. I urge others to listen to his views and his expressions of concern that we could undermine the credibility of the country by inflammatory comment and by the partisan approach that is doing nothing for the credibility of the banking system in this country.

There is much anger out there about the remuneration of bank executives. I accept that is something which is causing great concern among the public. It is causing anger, hurt and betrayal. We cannot prejudice the outcome of any investigations of wrongdoing or perceived wrongdoing. We must leave the law of the land, as passed by these Houses, to take its course. Those that are charged with the responsibility of enforcement should be allowed the freedom to do so without any interference or commentary that could jeopardise those investigations. I urge others not to use that in order to beat up the Government. They are doing themselves and the people they represent a disservice. The economy will slow down, there will be job losses, and we will find it difficult to resurrect it.

There is no doubt that being in the eurozone has helped us weather the storm so far. The fact that we are at the heart of Europe has assisted us in being part of a stable currency. The other challenges that people conveniently forget is the pressure on our exporters into the sterling and dollar areas. These problems have put us at a huge financial disadvantage. The commentary is a little simplistic, distilling the debate down to a few people in the banking system who are alleged to be the cause of all difficulties. There is anger at those bankers, and rightly so, but the solution is not there. The solution is for this House to pull together, make sure we all wear the green jersey and put forward a positive view that Ireland is dealing with its challenges. We need bipartisanship in one area of fundamental national interest, which is to resolve the financial difficulties of the banking situation.

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