Richard Bruton (Dublin North Central, Fine Gael)

I challenge this move to adjourn. Yesterday, a vital report was produced by the IMF which requires urgent consideration by the House before it adjourns for the summer. People did not need to be told that the pain they are now enduring is entirely due to domestic policy failures on the part of this Government. The report singles out, in particular, the 2008 budget introduced by the current Taoiseach. People already knew that. What is really worrying about the IMF report is the very significant number of pitfalls it identifies in the Government's strategy relating to banking. The notion that this House would rise without having examined these in great detail is a serious affront to its role.

The IMF has reported that the deficit in the banks by 2010 will be €35 billion. That will be more than the aggregate of their capital reserves and retained earnings. The report also takes considerable issue with elements of the strategy regarding NAMA. A prominent economist has said there are those who do not know and those who do not know that they do not know. People who do not know something look for advice, but what do people who do not know that they do not know do? They push ahead and brook no opposition. They have no debate, do not evaluate the options and proceed without an opportunity for proper scrutiny.

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