I thank the Minister of State for sharing time. There has been much smudging of facts in the past week by many Members of this House, most of whom should know better. The two reports that came into the public domain last week on our economic situation provided some clarity on the root of Ireland's difficulties. Needless to say those on the Opposition benches focused on those aspects of those reports they felt might bring political advantage to themselves, a case of opportunistic politics at its best.

Many issues were addressed in the financial reports. Lessons must be learned by those in power, including those in the banks, the regulator and those in Government. The Taoiseach has never shirked his responsibilities and has shown great courage in accepting any responsibility he may have had in this regard. He has rightly focused on righting any wrongs that might have taken place. Professor Honohan reported that the major responsibility lies with the directors and senior management of our banks that got us into trouble. He also acknowledged the good work that has been done since by the Government in ensuring these institutions will never be able to repeat their actions again. As Minister for Finance, the Taoiseach, Deputy Cowen, introduced measures in various budgets in an effort to curb spiralling dependence on the property market. In hindsight these measures were inadequate, but then hindsight is always clear. This week it has been confirmed that advice from the OECD, the IMF and the Central Bank at the time was inadequate. A large share of responsibility must also lie there.

In the past week Members of this House have called for the Taoiseach's head, have called for a general election and, I suppose, have called for everything under the sun except common sense in regard to this matter. These are the same people who called on the Government to spend more when we were enjoying good times, even going so far as to call Deputy Cowen's budgets measly. Now that we are experiencing changed times they are telling us that we spent too much. Despite pressure from Opposition parties when the Taoiseach was Minister for Finance to abolish stamp duty over a number of years, thankfully he refused to relent to these populist demands. These are the same parties that are now engaged in finger wagging. Rather than curb the reliance on property, they called for the introduction of measures that would have increased the overheating of the economy at the time.

The Labour Party moved to the top position in the opinion poll last week leading it to believe it will form the next Government. I am particularly pleased to see the Labour Party with such popularity at this time. To reach the peak is one thing, but staying there requires leadership, policy and economic direction. These are attributes that the Labour Party and in particular Deputy Gilmore do not have in abundance. This afternoon Deputy Gilmore accused the Taoiseach of having a hard neck. It takes a hard neck for him to put himself forward as an aspirational Taoiseach, when he lacks policy and leadership. Over the next year to 18 months I believe he will go back down the polls. Deputy Gilmore should enjoy his current days of glory because they will not last. He and his party have sat on the fence on every tough decision that needed to be taken in recent years. It opposed the bank guarantee scheme, which has been hailed as necessary by Professor Honohan in his report last week. This is the same guarantee that other countries around the world copied in an effort to stabilise their banking systems. The Labour Party also sat on the fence regarding the Croke Park deal with the unions. This is the Labour Party that could not make up its mind on what is ultimately a labour dispute. Is this the kind of party we want running our country? I certainly do not think so. History will not be kind to it and I believe its time at the top of the polls will be short lived.

Fine Gael proposed a motion of no confidence in the Taoiseach and the Government, while at the same time its own leader is facing a leadership bid within his own party. Even those within do not have confidence in him to lead their party never mind the country. It cannot even get its own house in order, never mind getting the country back on its feet.

I acknowledge that every party has its own internal issues and Fianna Fáil is not immune. The difference is that in Fianna Fáil we are not focused on internal rifts but on bringing the economy back from the brink. That is what we were elected to do. We are not engaging in popularity contests. We did not expect to be doing well in opinion polls given the tough decisions we have taken which are affecting every family. We take no joy in taking tough decisions, but I believe we are reaping and will reap the benefits of these decisions in the years to come. In the meantime if we suffer in the opinion polls so be it. We must continue on the path of corrective action we are taking. The decisions taken by the Government in the past two years have been courageous. We need to continue on this road and that is what we intend to do with the Taoiseach, Deputy Cowen, at the helm.

The people are angry that the banking meltdown took place. In two years' time when the media and nation look back over the Government's handling of the economy, the Taoiseach, Deputy Cowen, and his Government will be appreciated for the guidance they have given the country. We will then see the opinion poll that matters, the general election, what proper policy for the sake of the nation has gained for the Taoiseach, his Government and Fianna Fáil, and what the cheap populist policies of the Opposition have gained for it.

See this speech in context