Enda Kenny (Mayo, Fine Gael)

This Minister presided over the greatest economic catastrophe in this nation's history and along with the Taoiseach, he has invited people from abroad and the IMF to this country because the Government has led us to a position where we have never been before. The founders of the Taoiseach's party never envisaged that our economic sovereignty would be cast away.

The Minister for Finance came into the Chamber to tell us this would be the cheapest bank bailout in history. He said the Irish taxpayer would make a profit from the recapitalisation of the banks. Did I hear him correctly? He stated that Anglo Irish Bank could not be wound down because it was of systemic importance to the Irish economy. He told us the negotiations with the subordinated bondholders in Anglo Irish Bank would destroy Ireland's reputation. This is the same Minister for Finance who a week ago said we did not need any outside help. Afterwards, the Taoiseach announced that those people were invited to this country.

I will not take any lectures from a Government that, to put it mildly, was not fully in compliance with the truth when speaking to this Parliament and the Irish people. The Taoiseach and his Government have failed to live up to the charge, trust and responsibility given to them by the Irish people. They are now involved in negotiations in what amounts to a contract or agreement and the Irish people, from what I hear, will never be able to rise to meet the level of repayment involved if forced down this route. That agreement has the Government as the principal partners on what is essentially a board of directors. Under Article 29.5.2° of the Constitution, that agreement should be approved by this House. If we are talking about interest rates above 5%, the process will place this country, our taxpayers and the younger generation in a catastrophe.

I recognise there are many great elements to our country and it has enormous potential. The Government has led our country and people to the edge of this economic abyss. Nobody else had a part and it was on the Government's watch that all this happened. I listened to the Minister for Finance yesterday talking about the party having posters in the last election about more gardaí, nurses and teachers, making the extraordinary claim that my party put forward a proposition to get rid of 30,000 gardaí, teachers and nurses. How arrogant can one be? I remember posters from his party indicating that health cuts hurt the old, sick and lonely.

We have been led to a point where negotiations are to be concluded at the end of this month and early in December that may, from what I hear, place an excessive and extraordinary burden on the Irish taxpayer and generations to come. This document will not constrain or confine the next Government; it is a Fianna Fáil document. Departments and local authorities are littered with documents like this one which have never been acted upon.

This is the hallmark of what Fianna Fáil has always said in respect of reforming institutions and service delivery. This is a plan which the Taoiseach has argued will bring clarity and certainty to what is happening. He has said in respect of reforming institutions and service delivery that greater productivity must be achieved, along with greater accountability. He has argued that the performance of organisations and individuals must be better. The Minister for Social Protection has said nurses will not be sweeping the streets.

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