Billy Kelleher (Cork North Central, Fianna Fail)

I have noted the headlong rush to congratulate Deputy Bruton on placing this important motion before the House. While I will not congratulate him just yet, I would like to thank him for giving us an opportunity to highlight what the Government is trying to do to address the severe economic challenges that exist.

As I have just five minutes in which to speak, I do not propose to engage extensively in political rhetoric. However, it should be noted that an attempt has been made to rewrite history in the Chamber this morning. Some people have claimed to have forecast the difficulties that now face the Irish economy. I distinctly remember that during the building and construction boom, Deputies on all sides of the House castigated the Government for its failure to extend capital allowances for urban renewal, the development of hotels and the Shannon region. It is a little disingenuous for people to claim they forecast with clarity and certainty that the property bubble would collapse in the manner it did. As I have said, Deputies from every party continually supported the extension of schemes for which my political party are now being vilified, having supported them in the first place.

The biggest fall-out from the downturn, in terms of collateral damage, has been the loss of jobs. This has had a particular effect on young people, many of whom now feel that few opportunities are available to them. As a Parliament, a Government and a people, we have two options. I suggest that we should face our serious difficulties, accept the realities of where we are and deal with these matters from there. We have an impaired banking system and an economy that contracted by 10% last year, but it is probable that we will experience positive growth this year. That is critically important. We have to point out that this country is now on the verge of turning a very difficult corner. We will encounter more collateral damage if we do not speak in positive terms and try to introduce policies that address serious issues, such as the lack of credit.

People continually talk about the bailout of the banks. It is often said that no Government would stand idly by and allow the entire banking system to collapse. That is what would have happened on 29 September 2008 if most of the political parties in this Chamber had not supported the bank guarantee. One party, which stood out and opposed the blanket guarantee in its entirety, is now claiming it was opposing elements of the guarantee rather than the guarantee itself. If one examines the record, one will find that it opposed the guarantee in its entirety.

See this speech in context