Ciarán Lynch (Cork South Central, Labour)

Drilling took place in these waters in summer months when there are swells of 20 ft. and 30 ft., which is the equivalent of two storeys in height. As a result, weeks can go by without a hole being drilled. That is the position at the height of the summer in Irish waters. In the North Sea drilling takes place in waters that are 200 ft. or 300 ft. deep, whereas drilling along the Irish coast is usually in waters that are in excess of 1,000 ft. deep. The quality of the oil extracted here is also different. The oil extracted in the Sahara Desert looks like a pint of Beamish, whereas in the North Sea and along the Irish coast the substance extracted is much thicker.

It is curious that Sinn Féin proposes to impose a tax rate of 50% on certain corporations when two weeks ago it argued in favour of protecting our 12.5% corporation tax rate. It should take a consistent position. When the programme for Government was debated in the House, I argued that Opposition parties as well as the Government had an obligation to produce realistic proposals. Ireland is in a dire state and the Government and Opposition have a responsibility to help the country get back on its feet. Sinn Féin, through the motion, is perpetuating a myth, one which reflects the Darby O'Gill school of economics. Its policy on this matter does not stand up. Notwithstanding the party's motivation, its motion is completely unrealistic.

The days of instant gratification, which was the style of politics pursued by the Fianna Fáil Party, are over. The idea that there is a quick fix solution to our economic problems is no longer accepted. It is regrettable, therefore, that Sinn Féin tabled this motion. I call on other Opposition Deputies to vote against the motion and see it for what it is.

See this speech in context