Bernard Durkan (Kildare North, Fine Gael)

Everybody did not say it. Some people said it, but they said it unwisely. What they were saying was that a crowd of fools had left the budget of the country and the finances in good order, had job creation going well and had our international reputation at the highest known level, but they would change all that. They said they would improve on that, recalibrate and do it better, then put themselves on the international stage in a way that was never known before. They forgot one thing, namely, that we can never live above our means and we can never pretend. When one is dealing with international financiers, pretence is a dangerous game. Unfortunately, they were wrong but they did not have to pay; the country and its people have to pay and the Government has to pay on behalf of the people. This is why we are where we are at present.

In a situation like this, what we need to do is to pick out the small areas, the little tweaks, that can be positive. We must try to leave the negativity behind us. Let us remember that the people who are now most negative are those who were the most positive during the boom times. After all, it was never going to end. However, the realistic growth in the economy that was in place in the mid-1990s was not good enough for those experts who sought to do better. They were wrong, and they failed.

The measures being taken by the Government are positive. We do not live in a society which is carefree any longer. We must pick up the tab, work harder and make sure we restore confidence in our country. Every measure taken by Government must be along those lines. Every Minister must look at the functions and services under the remit of his or her Department with a view to identifying how best each Department can adjust to take advantage of the situation. If that is done we will find a positive outcome in sight but if it is not we will have failed. I would be the first to admit this.

In the past I have often been a critic, on all sides of the House. That is a healthy sign, a good thing. However, it is extremely important that all of us recognise one point, namely, we cannot wish away our present situation but must work at it. When we work at it we will succeed. Some time ago I was at a meeting where the Commissioner, M. Michel Barnier, was present. He commented on this country and was positive in what he said. He stated he had every confidence in Ireland, that we had the ability to do well in the areas we knew well and that this would be the salvation of our economy. I believe he is right. There have been many other commentators, both from Europe and within this country, who are less positive but we should recognise those who are positive and those who at least give us encouragement. We should steer away from those who proclaim on a regular basis that all is lost and we are going nowhere, that we do not count and should get out of the eurozone, out of Europe and fend for ourselves. We should say to people who think along those lines that this is not an option. We are not in the business of trying out experiments. We do not have that latitude. We have a simple problem ahead of us, namely, to get the economy going again, get our people back to work and ensure we show to everyone around us that we are capable of doing whatever job needs to be done and whatever task is handed to us, and that this will remain the case.

The Minister also stated there had been some speculation that the Government would proceed to raid investment funds or deposit accounts. He wished to assure the House the Government has no plans in this regard and stated, "The Government regards as a top priority the safeguard and security of savings and would not wish to consider any step that would impact negatively on this confidence". He is absolutely right. What we need is for people to put their savings into this country and this economy. Ultimately, that will benefit the economy magnificently.

The Minister had to try to steer a course around the obstacles and present a situation that would be beneficial from the point of view of generating confidence in our economy on the one hand, and international confidence on the other hand, while impacting as lightly as possible on those who are negatively affected by this Bill. Had there been other options, the Minister clearly indicated they would have been taken. He also stated, on page 7 of his document that: "My officials are consulting the pensions industry and other interested stakeholders on the legislative provision in this section with a view to minimising where possible any unnecessary difficulties which this measure may give rise to". That is a very important statement.

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