Billy Timmins (Wicklow, Fine Gael)

The Minister of State's time miscalculation is another example of this Government's inability to get its figures right on the most simple and basic of things.

We are in this difficulty for two reasons - banks were allowed to lend money to unsustainable projects and the Government let our competitiveness fall down the league table. I have heard much talk in recent years about regulators and Central Bank bankers but, ultimately, the responsibility for managing an economy lies with the Government and no one else. It is one of the great failures of the former Taoiseach's era over the past decade that there was no accountability, the buck did not stop anywhere, everyone was responsible so no one was responsible.

This Government has made mistakes at every hand's turn, from the initial bank guarantee to every policy tool it has used in the last two years. Many countries faced the same difficulties as us but they have gone on about their business. The guarantee scheme in Britain was much more effective and did not lead to the country being bogged down the same way that happened here.

When we interact with the public, we encounter confrontational situations. I can generally deal with it and put up a good fight. However, there is a view that two Irelands exist. It is impossible to explain why no action has been taken against those responsible for the current economic difficulties while many a child who swiped an apple off a stall on Moore Street was imprisoned.

Members earlier pointed out this motion is not about bloodletting or looking for heads to roll. However, justice must be done and be seen to be done. One must suffer the consequences for one's actions. The old maxim holds true that if one makes a mistake, one pays for it. If consequences are not accepted for actions, the same difficulties will re-occur in the future.

I regret the Government did not support the motion tabled by my colleagues, Deputies Noonan and Shatter. While I do not agree with giving direction to the Director of Public Prosecutions, a message must go out from this House that action will be taken against any wrongdoing, be it blue, white or religious collar crime, and the perpetrators brought to justice. It is one of the elements necessary to restore the international markets' confidence in this country.

The criminal law system must be re-examined with specific offences established. One should not be allowed to present accounts designed to mislead or deceive. I accept people can make financial mistakes and why they may run for cover subsequently. However, since the bank guarantee many bankers, and some individuals in State positions, have lied to the Minister for Finance. This needs to be followed up. It is one matter to make a mistake but to lie about errors which will be paid for by generations to come is another matter. I also believe the bank bailout will not come to €32 billion or €50 billion but to a far greater amount.

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