Dara Calleary (Mayo, Fianna Fail)

I genuinely wish the Minister of State well. The Ceann Comhairle was one of the his predecessors in his Department.

On a sad note, this is the first occasion on which I have been in the Chamber discussing economics since the death of our colleague and my good friend, Brian Lenihan. His fingerprints and design are all over this Bill. This is an appropriate occasion in which to remember him as a fantastic parliamentarian and as a man who did his best, in incredibly difficult circumstances, to address the issues this Bill deals with.

There is no doubt that the Bill vastly improves the country's ability to respond to crises that may erupt. While we say that in the full knowledge that the horse has bolted and the stable door is well and truly broken, we must ensure there is never a return to the banking and fiscal practices that led us to where we are today. We must ensure there are immediate-response mechanisms to deal with incidents such as those that have led us to where we are. As sure as night follows day, in 20 or 25 years, at which time all of us will probably be gone from this Chamber, with any luck, banking systems will revert to the practices that led us to where we are. The devastation caused across the world, including in Ireland, will be forgotten about and profit and the euro will again become the Mecca that guides the banking industry. I will not say we are showing humility at present but contend that any changes made now must be made to prevent this and to ensure there are sufficient protections in place for banking customers and countries.

Deputies Dooley and Mathews implied this Bill forms part of the European Commission's response. The Commission calls it a framework for crisis management. Now in 2011, three years since the beginning of the crisis, the Commission has finally decided to produce a framework for crisis management. The difficulty, as touched upon in the previous contribution, is that while the Commission produces a framework document and engages in its usual practice of consulting all around it, the ECB will in the meantime probably ride roughshod over what the Commission, which represents the elected people of Europe, proposes. The ECB will undoubtedly ride roughshod over what is proposed at the European Council and what is discussed in chambers such as this cross Europe.

I am not as happy as my colleague Deputy Dooley about what is happening in Greece based on the images of what is happening there this afternoon. I refer to the protests, rioting and injury being caused by austerity programmes and debates that are happening on the back of similar proposals around the world. This is happening because an institution is blind to people. It is perfectly in tune and in sync with figures-----

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