Pearse Doherty (Donegal South West, Sinn Fein)

Tá mé buíoch go bhfuil deis agam labhairt ar an ábhar seo. Cé go bhfuilimid ag fanacht tamall fíor-fhada le haghaidh reachtaíocht ar an bhfadhb seo, atá ag cur isteach ar 100,000 duine faoi láthair, cuirim fáilte roimh go leor den mhéid atá sa Bhille atá foilsithe faoi dheireadh. Caithfidh mé a rá, áfach, go bhfuil sé lochtach i dtaobh an fíor-fhadhb atá sa tír seo, a bhaineann leo siúd nach bhfuil ábalta socruithe a bhaint amach lena bainc. De réir na reachtaíochta seo, beidh veto ag na bainc go fóill. On entering office, the Government faced a number of challenges in terms of rectifying the problems that faced this State as a result of the destructive policies of Fianna Fáil and its partners in Government. One of the problems that remains to be resolved by the Government is mortgage distress. The other big issue that people must address is managing their personal lives while coping with the social welfare system, public services and the taxes they are required to pay. The Government's first test on these big issues was in the budget. It could have cast off the cloak of austerity that Fianna Fáil had worn but decided instead to wrap itself in the same austerity policies which had wrecked the economy.

The budget hurt the economy and inflicted huge pain in the people who will be affected by this legislation. Earlier today the CSO published the quarterly national accounts, which reveal that the contraction in GDP was 1.1% higher than last quarter. That massive contraction is the first test of the Government's policy of changing direction by stimulating growth. I do not remember how many times Members on the other side of the House have announced that their policies were about growth, growth and growth. Today the CSO has shown that the Government failed miserably when it comes to devising budgetary policies which can change direction in how people spend, save and invest. The answer will be given in detail tomorrow when the full quarterly national accounts are published.

The Government's second test is dealing with the 100,000 families who are in mortgage distress. Some of them have borrowed excessively but they were involved in a system which told them to get on the property ladder before it is too late. I was a Senator when Donie Cassidy imparted his words of wisdom to the young people of Ireland by telling them to buy now.

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