Darragh O'Brien (Dublin North, Fianna Fail)

I am pleased to be given an opportunity to speak in support of the Government amendment to the Private Member' motion tabled by the Labour Party. This Government has remained focused over the past 18 months to two years on securing the future of the Irish economy. We have been doing this while this country has faced an unprecedented global financial crisis which is affecting all major economies. Some of the decisions we have had to take have not been popular, however, they have been taken in the interest of our country. Unlike others here in the House, we have not shirked our responsibility to the Irish people. We have taken the hard decisions and we have done the heavy lifting, so to speak, on our own. We had to stabilise the banking system, not for the good of the banks as has been argued by the Labour Party many times, but for the good of the economy as a whole. We did this to maintain the existing jobs, to create new opportunities for people who have recently lost their jobs and for our young people. No bank has been given a free lunch, so to speak. All have to pay for the State guarantee provided to them. They have to pay guaranteed returns to the National Pensions Reserve Fund for the recapitalisation and the NAMA transfers. This week's private sector investment in Bank of Ireland is a significant vote of confidence in the bank, in the wider Irish economy and in the Government banking strategy. This strategy is working. Our challenge now is to ensure that working capital flows back to our business sector and particularly to the small and medium-sized businesses. This is the reason we have insisted that AIB and Bank of Ireland provide €3 billion each in loans. This will be closely monitored on a statutory basis by Mr. Trethowan's credit review committee. This is crucial and badly needed. It is only then that people on the street will clearly see the need for the NAMA project.

We have introduced a new robust regulatory system. We have stabilised the public finances. By doing this we have had to take very unpopular decisions and have inflicted financial pain on citizens.

The Labour Party stance of playing to the gallery at every opportunity will get this country nowhere. It agreed we needed to make savings of €4 billion but disagreed at every stage with any measure put forward by the Government. It agreed we needed to tackle the issues in the banking sector but voted against every Government initiative, including the State deposit guarantee that protects people's savings, pensions and credit union deposits.

Its finance spokesperson, Deputy Burton's many reckless comments have done untold damage to the reputation of this country. Its leader had the audacity to accuse the Taoiseach of economic treason and would not withdraw those remarks. Deputy Gilmore has at no stage supported any constructive Government initiative and he has failed to put forward constructive policies. The Labour Party has told blatant mistruths to the Irish people. It is pushing a populist agenda in the interests of political gain. It has never shown any interest in assisting with making the decisions that need to be made.

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