Brian Cowen (Laois-Offaly, Fianna Fail)

It is not a question of seeking to mortgage the future of taxpayers. We are seeking to crystallise the losses that have to be transparently shown now in order to ensure that international finance will continue to fund our banking system and return it to a viable future for our country. That is what we are seeking to do. The Bill is again being portrayed as an attempt to mortgage futures. It is about trying to make sure that we deal with the present situation to avoid a continuing contraction in the economy by means of improving lending into it. We are doing it by crystallising losses for banks and those who hold those loans so we can present bonds to obtain money to get it into the economy where is it badly needed for Irish businesses.

Another point raised by Deputy Gilmore concerned my time as Minister for Finance. I stand over the budgets I brought into this House, which were regarded by people in Deputy Gilmore's party and the other Opposition party as being mean and not sufficient. The critique at the time was that the Government was not doing enough to provide further expenditure programmes in a whole range of areas. I brought forward surpluses on those occasions-----

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