Michelle Mulherin (Mayo, Fine Gael) | Oireachtas source

I listened to the words of the Minister of State and I fully endorse his statement, along with the comments of Deputies McNamara and Connaughton. We are living in unprecedented economic turmoil, and we are witnessing it on a global scale we have never seen in history. The mettle of many nations is being tested and the challenge we face in this country will bring the fallout as described by Deputy McNamara. We will have to try to bridge a big gap between public spending and what is to be taken into the Exchequer. Aside from the banking issue, we have nowhere to go for money, which can be easily forgotten. We know the bankers caused a problem but this other issue remains.

We are facing these challenges within the European Union and our fortunes are interdependent. Our economies have developed in a way different from history because we are now part of a global village; whatever happens in one economy has a ripple effect on others, as can be seen with the eurozone. There is collateral damage when these issues are not handled correctly, which can be seen with the case of Greece. We do not want to see such events in this country. It is a bit like open heart surgery and we cannot make jerky or rapid movements with the scalpel because it will cause a problem. Everything must be done with a delicate touch. We will either have a smooth course towards the country's recovery or a rough journey if we take on board the ideas behind tonight's motion.

Sinn Féin and others on the other side of the House do not want to face up to responsibilities, which is a disingenuous course of action to take. Whether the responsibilities are moral - or whether they should have been put on people in the first place - is beside the point, and there are legal responsibilities. We cannot have all the benefits of a small and open economy, with foreign direct investment and multinationals coming here to create jobs, while arguing that we do not like the fact that the State signed up to an agreement. We cannot tear that up. Either we are big boys and girls or we are not. This is business and if we want the benefits of business to trickle down to people, either through welfare or taxes, we must know how to do business internationally and particularly with European partners.

The Taoiseach and the Minister for Finance, Deputy Noonan, are taking this approach, for which I commend them. I have the fullest confidence in them and I hope they achieve the deal that is best for this country and which will get the longest term for the debt. I hope we get breathing space that can bring about economic recovery. A special case can be made for our country, as nobody has taken on the burden of banking debt more than our taxpayers. The banking debt is intertwined with sovereign debt, and we have dealt professionally with what is a legacy issue. Whether we like it or not, we pay for the sins of the fathers; this can be seen in my constituency with the Corrib gas field, where things were not done correctly.

I will not repeat the points that have been made. At this time it is imperative that IBRC, the former Anglo Irish Bank, is wound up. It is a dead bank and what else is it doing? At least with the other banks people can see retail or commercial banking activities. I have taken advice on the issue and spoken with bankers and rather than bearing the costs of consultants, staff etc., it should be wound up and dismantled.

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