Kieran O'Donnell (Limerick East, Fine Gael)

That is an own goal. The banking situation is so critical in terms of the economy that the Government has to get it right. Effectively, the model it is coming up with has an enormous amount of unanswered questions. The Fine Gael model, as elaborated in great depth by Deputy Enda Kenny, gives the taxpayer a chance in terms of returns on investments in the banks and in terms of funds to small businesses.

The Government also needs to look at the Christmas bonus for the old age pensioners. It must be reversed. It needs to look at mortgage interest relief for hard-pressed mortgage holders and to bring in a properly planned jobs programme, in terms of looking at VAT reductions, reduced energy costs, etc. If one asks any small business what are the factors that are crippling it at the moment, one will be told, "energy costs and regulation". There is nothing in this budget on reforming regulation.

I again ask the Taoiseach to elaborate on how the Government is going to deal with the banks and to make the necessary amendments for the next budget to ensure we have an even chance and that confidence is restored.

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