Seán Power (Kildare South, Fianna Fail)

We have had a considerable discussion on this legislation in recent weeks but, unfortunately, much of the debate has been predictable. In my experience, once the Government proposes something the Opposition often feels compelled to oppose it. I know the Opposition has a role to play but we must have a radical change in the way we do our business, both in the House and outside it. For example, the House will not sit during the week following the bank holiday weekend. There is no justification for that, however, so I ask the Chief Whip to ensure that the House sits then. We are not long back since the summer holidays and the public has never been so cynical about politics. We need to make this House relevant. We are talking about establishing NAMA where billions are thrown around, but the majority of people may not be too sure how many noughts are in a billion. It is important for us to make the House relevant to the public and explain clearly what we are doing and why.

This country is experiencing the most serious financial downturn in living memory. In recent days, we have spent most of the time debating expenses, how much Members were paid and if they were entitled to it, whether they overspent and, if so, was it exorbitant. I left a business career to become a Member of this House. Nobody forced me to come here, I volunteered and was lucky to be elected. I feel it is an honour and a privilege to be a Member of this House. It is essential that Members receive a good salary. Public representatives should be rewarded appropriately and politics should attract good people to public service. I have no regrets about coming here and I would like to remain here for a number of years to come.

Recent events, however, have served to discredit public life and create the impression that politicians are just in it for the money. It is important to rebut that impression quickly. This day last year, the Minister for Finance introduced his budget, including a measure to reduce Ministers' salaries. He must go further in the next budget. In view of the serious financial situation in which we find ourselves, there is no justification for the moneys that are currently paid to members of the Cabinet. We should show real leadership in that regard. We have asked the public to make major sacrifices so far and in the December budget we will be inflicting more pain on them.

Unless we give a lead and show the public that we are not asking them to do something we are not prepared to do ourselves, we will not get out of our current difficulties. Membership of this House is only given to a few. We all have a role to play in giving our people hope and confidence. We must explain clearly to unemployed men and women what we will do to put them back to work. We must also explain to families who are finding it difficult to put food on the table and pay a mortgage how we will assist them and improve their lot. I detect anger and a distinct lack of hope among the public.

Only a few years ago, we were living in a country where everything appeared to be running smoothly and employment was there for everyone who wanted a job. Ireland was considered an example of a most successful country, but we now find ourselves in serious financial difficulty. There is no point in blaming international events alone for our troubles because we contributed in many ways to the problems we are experiencing. It is vital to be honest with the public, admit we made mistakes and clearly outline the measures we intend to take to ensure that we recover.

The establishment of the National Asset Management Agency is an important step in that recovery. It represents a major step in this country's move towards recovery. When the Minister, Deputy Brian Lenihan, outlined the measure there were those who portrayed it as bailing out banks and developers. The share price was used as an example because it increased within 24 hours, but those who monitor bank shares can see that the price has not changed much. A number of developers have disagreed vehemently with the proposal.

I am confident that the Bill will pass Second Stage, but I appeal to the Minister and the Opposition to be as constructive as possible on Committee Stage. This is the most important measure we will pass. This side of the House does not have a monopoly on wisdom, so it is important for the Opposition to play its part. I appeal to the Minister to be open in considering Opposition amendments. It is in our interests to get it right not just for this generation, but also for the next.

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