Pat Rabbitte (Dublin South West, Labour)

I support the remarks made in respect of the Financial Resolution No. 24, especially by Deputies Gilmore and Creed. I do not know of any other member state of the European Union where a complete 180° flip on public policy could be done overnight. We are going from an entire system based on tax reliefs and incentives and tax-driven development to a razed earth where they will all be wiped out. The Minister's reply will be that the Commission on Taxation recommended this. We are all then supposed to bow the head and accept that we must do it. It is not as simple as that. One cannot even ask a Fianna Fáil colleague how long the bad weather will last but he will say: "We appointed Professor Patrick Honohan to the Central Bank, and he is really fantastic. No one could slur that man. He is marvellous."

See this speech in context