Michael Mulcahy (Dublin South Central, Fianna Fail)

I remind those who have written off Ireland in the past that Ireland is well capable of bouncing back and making further progress. Our education system is the envy of the world. We have a set of highly talented people, many of whom are unemployed at the moment, unfortunately. We have the English and Irish languages. We have a stable society with a well respected legal system. We have a vastly improved infrastructure. There are many positive things in Ireland. If we are to achieve NAMA's primary purpose, which is to restore growth to our economy, we have to take toxic debt from the banks and ensure it is properly managed by a professional agency.

It does not suit Opposition Deputies for us to free up the banks to provide money to business, commerce and industry and get employment going again. They would prefer high unemployment and civil discontent, so they could get up on every trailer to slag off the Government. Deputies on this side of the House want banks that work and industries that grow. We want a successful economy and to restore the full employment that existed a mere two and a half years ago. We believe it is possible to achieve those goals.

The Opposition has failed to realise that NAMA has the support of the European Commission and the IMF. In June 2009, the IMF noted that the policies were right but that determined execution of NAMA and the Government's budget plans were required for recovery. That is a ringing endorsement of the NAMA project. I would like Opposition Members to work with the Government to restore our competitiveness and balance the budget but whenever we ask them for concrete plans for savings, they are short on answers.

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