Eamon Gilmore (Dún Laoghaire, Labour)

I do not regret anything I said during the general election campaign. If there is cause for regret, or expressions of regret, it is probably for Deputy Martin, his party and the other side of the House. The approach always recommended and advocated by the Labour Party was not a unilateral but a negotiated one, as outlined on several occasions.

We could go on forever talking about how we got into this mess - I am happy to have that discussion and give my thoughts on it - but we must concentrate on the process of recovery because that is what the people who sent us here want us to engage in. Much of the discussion we have had for the past hour or so is a recipe for depression. We need to talk about how we can get the country to recover.

Stress tests have highlighted the extent of the problem in the banking system. They were very robust and we will see in the course of time how robust they were when we receive the results of stress testing in the wider European banking system. We know the extent of that problem. What we have not had up to now is a clear statement on the future of Irish banking. That is a firm decision the Government has made and issues regarding burden sharing, bondholders and so on must be seen in the context of the Government's intention that the pillar banks should be enabled to raise private capital. That is part of the strategy we are pursuing.

The second issue that arises is that of the terms on which finance is being provided for this country. It is being provided on two levels - there is the liquidity going into the banking system and the finance available to the State to enable it to pay its bills. The Government has been absolutely clear that it wants to negotiate a reduction in the interest rate charged on the money coming into the State, something which is being progressed by the Minister for Finance at ECOFIN.

The third dimension is the European one. As a number of speakers said, this is not just an Irish problem. There is also a European dimension and that is the framework which has been put together and is reflected in the conclusions reached at the European Council meeting. This is a process; it is not something in respect of which there is an absolute conclusion at the end of any one European Council meeting. It is a process which will continue for some time. For Ireland to maximise its influence in the matters which directly affect us as a country and to influence the framework and decisions being taken at European level, it is important that our position as a country is enhanced within the overall European framework. That is why are pursuing the diplomatic approach which will over a period set out what the Government is doing, what it intends to do and make it absolutely clear that what this is about is a process of recovery to ensure the economy recovers, people will be back at work, business will be successful and that we will get out of the economic mess we inherited.

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