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<title>Ned O'Keeffe - Recent appearances (From KildareStreet.com)</title>
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<dc:date>2009-04-15T16:11:21+00:00</dc:date>

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<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-04-08.2.0&amp;m=696#g67.0">
	<title>Leaders&acirc;€™ Questions | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-04-08.2.0&amp;m=696#g67.0</link>
	<description>The Taoiseach will recall property valuations.</description>
	<content:encoded><![CDATA[<p pid="67.1">The Taoiseach will recall property valuations.</p>]]></content:encoded>
	<dc:date>2009-04-08T10:30:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g283.0">
	<title>Stabilisation of the Public Finances: Motion (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g283.0</link>
	<description>Unfortunately it is not on a D&Atilde;&iexcl;il sitting day.  Let us all put our hearts behind our country and people.  There will be some pain ahead but if we all share this pain evenly, we can look forward...</description>
	<content:encoded><![CDATA[<p pid="283.1">Unfortunately it is not on a DĂˇil sitting day.  Let us all put our hearts behind our country and people.  There will be some pain ahead but if we all share this pain evenly, we can look forward to brighter days ahead.</p>]]></content:encoded>
	<dc:date>2009-02-05T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g281.0">
	<title>Stabilisation of the Public Finances: Motion (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g281.0</link>
	<description>Hold on.</description>
	<content:encoded><![CDATA[<p pid="281.1">Hold on.</p>]]></content:encoded>
	<dc:date>2009-02-05T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g279.0">
	<title>Stabilisation of the Public Finances: Motion (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2009-02-05.197.0&amp;m=696#g279.0</link>
	<description>I understood I had five minutes.  I am delighted to support the Government proposal because no alternative has been put forward.  We are being watched and measured by international financiers as...</description>
	<content:encoded><![CDATA[<p pid="279.1">I understood I had five minutes.  I am delighted to support the Government proposal because no alternative has been put forward.  We are being watched and measured by international financiers as Ireland is in the borrowing cage once more.  We are borrowing substantial money across the world and if we do not have our house in order, as well as a disciplined and protected economy, we will pay substantial interest rates that will add to our national problems.  I fully support the measures by the Government and if there is a alternative, I would like to hear the Opposition put it forward.</p><p pid="279.2">There is much I could say if I had more time.  Hard decisions must be taken and if we are not careful over the next five or six years, the national debt could be expanded significantly.  I will not quote the figure because I do not want to frighten people.</p><p pid="279.3">Payments made to people both in the public and private sector in the form of bonuses and severances must be curtailed if we are to get the support of the ordinary people on the street who must accept 2%, 3% or even a zero pay increase.  In the past ten years there has been privatisation, share options and bonuses that were not in the best interest of the community.  I stated this last July in another speech I made and this is where we have really gone wrong.  We expect working or poor people to take limited wages and salaries, and this must change.  There should be discipline in the higher levels.</p><p pid="279.4">I am very critical of the handling of Anglo Irish Bank, which has destroyed Irelandâ€™s image in the eyes of people and our society.  People have been quite critical across the world about the way it was handled.  I supported the Government in voting but I have a personal view on the bank.  It should have been liquidated and thrown to the wolves.  Anglo Irish Bank was only an agency â€” it had no clearing facilities and did not want to see the likes of me or the Ceann Comhairle because it was not interested in our business.  It was interested in big business speculators who have left us high and dry and destroyed our national banking system.  It has destroyed two banks which have served the country since the founding of the State, Bank of Ireland and Allied Irish Banks, which was formed by a merger of the Royal Bank of Ireland, the Munster and Leinster Bank and others.</p><p pid="279.5">I have a strong view on the recapitalisation of the banks.  This is being done to throw more money to speculators and expand the economy.  I have heard from ten or 11 constituents in the past three or four months who had difficulties with banks.  When I investigated and rang a bank official I was told he could not talk to me.  In the past four or five weeks I have changed the system and I get a letter from them.  Most of these people had difficulties in the good times so will we add to the misery with the â‚¬2 billion or â‚¬4 billion in recapitalisation?  We might be better off giving it to the Department of Social and Family Affairs.  One bank has said it might need all that capital.  The banks should be allowed work through the system and write off the debts over the three-year period, which they have done in the past.  A domestic recession was brought about by narrowing our tax base four, five or six years ago and leaving speculators get away with murder.  Mr. SeĂˇn Dunne was paying â‚¬400 million for property because we had no proper capital gains tax on big developers, which we should have.  It was grand for people like the Ceann Comhairle and Deputies Pat Rabbitte and Tony Killeen to have the 20% rate because they are small fry.</p><p pid="279.6">We expanded programmes and people went wild.  Farmers down the country in villages and towns were selling land at a â‚¬1 million for a few acres.  There was not even a pipe or wall on such land.  Speculation drove the price to â‚¬10 million or more but only a small amount of tax would have been paid.  If the State had received a substantial take from that land we would have equity across the system and no difficulties.</p><p pid="279.7">A great discussion is taking place in this country currently on Deputiesâ€™ salaries and expenses.  The commission we have set up here is a monopoly and monster which must be controlled.  This House has gone out of control.  The Houses of the Oireachtas Commission was introduced to euphoria because people thought it was a great idea.  I was a lone voice that was laughed at when I said it was going to cost a fortune to run it.  I was proven right but the Deputiesâ€™ expenses will now pay for it.</p><p pid="279.8">St. Valentineâ€™s day is Saturday week.</p>]]></content:encoded>
	<dc:date>2009-02-05T12:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-12-03.483.0&amp;m=696#g488.2">
	<title>Afforestation Programme. | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-12-03.483.0&amp;m=696#g488.2</link>
	<description>That is a long time away.</description>
	<content:encoded><![CDATA[<p pid="488.2">That is a long time away.</p>]]></content:encoded>
	<dc:date>2008-12-03T13:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g764.0">
	<title>Social Welfare (Miscellaneous Provisions) Bill 2008: Second Stage (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g764.0</link>
	<description>Fine Gael was in Government, too.</description>
	<content:encoded><![CDATA[<p pid="764.1">Fine Gael was in Government, too.</p>]]></content:encoded>
	<dc:date>2008-11-12T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g761.0">
	<title>Social Welfare (Miscellaneous Provisions) Bill 2008: Second Stage (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g761.0</link>
	<description>Deputy Perry might give us the timetable of events around the country.</description>
	<content:encoded><![CDATA[<p pid="761.1">Deputy Perry might give us the timetable of events around the country.</p>]]></content:encoded>
	<dc:date>2008-11-12T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g758.0">
	<title>Social Welfare (Miscellaneous Provisions) Bill 2008: Second Stage (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-12.650.0&amp;m=696#g758.0</link>
	<description>What would Fine Gael do with that budget?</description>
	<content:encoded><![CDATA[<p pid="758.1">What would Fine Gael do with that budget?</p>]]></content:encoded>
	<dc:date>2008-11-12T17:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g884.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g884.0</link>
	<description>I did it out of courtesy for my friend Deputy Stanton, who shares my constituency and who is inclined to come across to my side.</description>
	<content:encoded><![CDATA[<p pid="884.1">I did it out of courtesy for my friend Deputy Stanton, who shares my constituency and who is inclined to come across to my side.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g880.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g880.0</link>
	<description>I have it said now anyway.  It is on the record.  Country of origin labelling would do a lot for this country.  There is resistance in Europe to it.  What is happening is that all the foodstuff...</description>
	<content:encoded><![CDATA[<p pid="880.1">I have it said now anyway.  It is on the record.  Country of origin labelling would do a lot for this country.  There is resistance in Europe to it.  What is happening is that all the foodstuff that I give out about are coming in through Rotterdam where some adjustment is made and it is sold across Europe.  What is happening is that chicken and beef come into Ireland with breadcrumbs or some such additive and until we correct that system we will have no success with Irish food.</p><p pid="880.2">Ireland is one of the most successful countries for the production of food in the world because we are surrounded by water.  It is a safe country.  I refer to the island of Ireland, North and South.  We have the ability to produce good food.  The farming community has lost heavily because it has failed to develop and protect its co-operatives.  We are seeing a downturn in agricultural prices and over-production in the milk industry in some parts of the world.  Milk is being produced in substantial quantities in America and New Zealand and much of that is coming into Europe in spite of the tariff barriers.  In the past, co-operatives were very vigilant, did great marketing for farmers and took their produce, but we have lost them.  The recession will inspire people to protect their businesses rather than enjoy the buoyancy that existed heretofore.</p><p pid="880.3">My constituency has done very well under Administrations over the past ten or 15 years.  There have been substantial new school developments and roads, and a new road is being built from Cork to Dublin.  There are many industrial developments in Fermoy and such places.  That town has done reasonably well and the new cattle mart has been grant aided by the Government.  It has been the flagship sales area.</p><p pid="880.4">I want to praise a few projects in my part of the country of which I am very proud.  I am very proud to have obtained Government support for them and hope I will continue to do so.  I hope that, in spite of the decline in prosperity and the difficulties that exist, we will still be able to grant aid and support deserving and necessary projects.  I have no doubt but that we will do so under the Taoiseach, Deputy Brian Cowen, and the Minister for Finance, Deputy Brian Lenihan.  The budget of the Minister for Finance was a Houdini job and was done very well.  It has been acclaimed and the people realise it had to be structured in the way it was.  Three major issues arose in respect of it but, ultimately, we have survived very well.  Not alone that, people accept the budget and believe what we did was right.  They are prepared to stay with us and support us in every way.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g878.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g878.0</link>
	<description>I came into the House this evening to develop a point I made previously.  I made a statement in the House in respect of the state of auditing.  To back up my statement, I can cite two major...</description>
	<content:encoded><![CDATA[<p pid="878.1">I came into the House this evening to develop a point I made previously.  I made a statement in the House in respect of the state of auditing.  To back up my statement, I can cite two major companies, namely, Enron in America, which was a huge company, and Parmalat in Italy.  They went to the wall during the good times but had they been properly audited in either country, they would not have experienced difficulties.  There is a need for a tightening of auditing and the structure of appointing auditors to limited liability companies must be changed in the Oireachtas.  There must be greater input into the selection of auditors.  Perhaps there should be a selection process, similar to that which has been put in place by the Minister for directors of banks.  The latter has not been announced yet but he is about to do it.  I envisage a system in which there would be a panel of auditors from which they could be selected.  This would be the way to do it because we are losing out heavily in this regard.  I believe the banking problems in respect of the liabilities that have arisen and their foreign borrowings to fund the Irish market and perhaps other markets abroad, should have been seen by auditors.  Such matters should have been raised and such activities should have been brought to heel.  However, this was not done and that is where we are today.</p><p pid="878.2">On the Lisbon treaty, it is highly embarrassing for Ireland that it has not ratified the treaty.  We must work hard to get back into the mainstream of Europe, to become the model of Europe again and to become the favoured people in Europe.  We must get all sectors of society to support us.  I refer in particular to the farming community, which has most to lose in a scenario in which we are not in Europe.  I believe this must be done quickly.  I have campaigned for Europe more extensively than most because I campaigned for it initially in 1972.  It was obvious to me that those who opposed our accession in 1972 were still around and at some stage would get a victory, which they did in the referendum.</p><p pid="878.4">I do not worry about victories but what happened was a tragedy and it should not have happened.  I heard Cardinal Brady speak at todayâ€™s meeting of the Sub-committee on Irelandâ€™s Future in the European Union.  He spoke about Europe and referred to Tory Island among other things.  In principle, he was in favour of supporting the Lisbon treaty.</p><p pid="878.5">Much has been said about school buildings in tonightâ€™s debate.  I understand that next year we will build 62 major school building projects and that we will build 100 school extensions.  In addition, small school work schemes will go ahead as well as devolved grants.  Many questions have been asked about Church of Ireland schools.  I have sympathy for the Church of Ireland as the minority religion.  Those schools qualify for a block grant of â‚¬3.8 million.  I have two minority schools in my area and I was concerned about them because they raised the issue with me.  I am grateful to the Minister for Education and Science for being helpful in that regard.</p><p pid="878.6">It is difficult to debate an issue when things have been so favourable previously.  We had many good years.  However, all budgets are difficult.  We had a budget in 1997 that caused difficulties.  Every budget in recent years had its problems because it did not meet the requirements of every citizen.  People are fond of lobbying and creating a fuss about issues.</p><p pid="878.7">I am impressed by the support of the Green Party, under the leadership of Deputy Gormley, for the Government.  He realises the importance of the economy and has put the national interest at the top of his agenda in supporting the budget.  That kind of commitment from a minority party is a sure sign of the importance of the issue at stake.</p><p pid="878.8">We have to borrow â‚¬11.5 billion this year and we will borrow â‚¬13.5 billion in 2009 to keep public services afloat.  In 2009 alone that is equivalent to borrowing an extra â‚¬37 million every day of the year.  That is an indication of how serious is the matter.  We have gone from a position of substantial growth in the economy to not having any growth.  By 2011 that will mean additional borrowing of â‚¬45 billion.  That is an enormous sum on which to pay interest.  It is equivalent to approximately â‚¬10,000 for every man, woman and child in the country or more than â‚¬21,000 for every worker.  Ten per cent of day-to-day spending will be borrowed in 2009.  We must recognise that the figures are serious and accept the situation.  I hope the Opposition recognises that.  In fairness, the Opposition has been reasonably supportive but it has not answered my question on where it would make savings of â‚¬4 billion as opposed to the Governmentâ€™s â‚¬2 billion.</p><p pid="878.9">Much industry has come into this country in recent years, including from North America.  Today is an historic day in the United States with the election of Barack Obama.  I hope his commitment to this side of the Atlantic will be equal to that of previous US Presidents and that we can continue to have 100,000 jobs provided by North American industry in Ireland.  However, we must also praise our own company, Cement Roadstone, which employs 100,000 people across the world.  We have good businesses in this country and Cement Roadstone is one of our flagship industries.  It deserves praise for its commitment.  In recent days that company suffered substantially in the financial markets but for a multinational Irish company it employs a significant number of people.  We greatly admire the company and its managers who have brought such success to the organisation, with the island of Ireland acting as a flagship for us in all regions and continents around the world.</p><p pid="878.10">I also praise the American companies that are located in Ireland.  I hope they can all stay with us in spite of what has been said.  Dell is the one I am most concerned about because it generates significant employment in my area of Cork on the Limerick border.  I hear a lot about the company.  I believe Dell is committed to Ireland and I hope it can continue here.  The convoy of cars going from my area to Limerick city is reminiscent of the Munster final.  Dell is a major employer that has taken up the slack due to the loss of the food industry in my area.</p><p pid="878.11">The food industry is one thing that is near and dear to me.  Country of origin labelling must be addressed in an Irish context because of the huge amount of food imports that is taking from the livelihoods of farmers.  It is a major issue.  I serve on two committees of the House, namely, the Joint Committee on Enterprise, Trade and Employment and the Joint Committee on Agriculture, Fisheries and Food.  Deputy Willie Penrose is Chairman of the former and Deputy Johnny Brady is Chairman of the latter.  They have done great work in the area of country of origin labelling but we are not making the kind of progress I would like.  If we do not make more progress we will have more imports.  Country of origin labelling is necessary to give choice to housewives.  It is important to know where a product comes from and to offer choice.  If we do not have that we will never have the wholesome Irish food we were used to in the past, such as the traditional Irish breakfast.</p><p pid="878.12">I am conscious of what is happening in the country in this regard.  We do not have any poultry processing such as we had in the past and there is no pig processing into a branded product.  We only have primary production.  There is no packaging or branding such as we had in the past and we are losing out heavily because of that.  Fifteen years ago or more when we were in Opposition I went on a trip to Chicago.  I was advised to take a case of Jameson whiskey and a case of Baileys with me for promotions there.  It was a St. Patrickâ€™s Day event.  Jameson was not attractive at that time.  Baileys was the in thing, and it still is.  It is one of the brand leaders in the country.  Jameson has been an outstanding success in the intervening 15 years.  It is now a brand leader that challenges the major Scottish whisky brands, which have been very successful across the world.  Jameson has been an enormous success under Irish Distillers and is an employer in my constituency, which I share with Deputy Stanton.  The company continues to expand.</p><p pid="878.13">We should not dismiss brands and say they are out of date.  We should promote them and develop them more.  That is why I refer so much to the food industry and what has happened in north Cork.  I am very passionate about what is happening there.  I am sick of it.  I cannot believe what has gone on there given the great success that emerged out of the developments from the 1930s.  There is no need for it.  My argument is that it was based on development and building.  We were going to build apartments and hotels.  We have built nothing only for all those places that are rubble.  I gave the example of Jameson.  Galtee cheese is gone; it is made abroad.  Shaws ham is packed in Scotland.  It came out of Mitchelstown.  No one knows where Calvita cheese comes from but if one looks at the bottom of the box it contains a little symbol and it states it was packed in England.  I do not know why we had to do this or why farmers in my area supported that kind of executive.  I call him Jerry Rubble now because that is what he is.  He is rubble.  I give the comparison between Jameson and why we lost our food industry.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g874.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g874.0</link>
	<description>I had a lost opportunity the other night because Deputy Stanton spoke after me but I would have welcomed him warmly on this side because our decisions are always much better than those of Fine Gael.</description>
	<content:encoded><![CDATA[<p pid="874.1">I had a lost opportunity the other night because Deputy Stanton spoke after me but I would have welcomed him warmly on this side because our decisions are always much better than those of Fine Gael.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g872.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g872.0</link>
	<description>No, I am not.  I am in favour of the euro and I supported the Lisbon treaty openly. I wish to refer to that issue in this debate.  I remind Deputy Stanton that when he attends meetings and...</description>
	<content:encoded><![CDATA[<p pid="872.1">No, I am not.  I am in favour of the euro and I supported the Lisbon treaty openly.</p><p pid="872.2">I wish to refer to that issue in this debate.  I remind Deputy Stanton that when he attends meetings and invites me to support his party, as he did the other night, I also would welcome him to this side of the House to support Fianna FĂˇil in the good decisions we take.  He would be more than welcome on this side of the House.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g870.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g870.0</link>
	<description>I will answer the Deputy&acirc;€™s question.</description>
	<content:encoded><![CDATA[<p pid="870.1">I will answer the Deputyâ€™s question.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g868.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g868.0</link>
	<description>They will not be embarrassing for me. I grew up in a house in which finance was discussed and this economy used to have high interest rates to discipline the economy.  During the past ten or 12...</description>
	<content:encoded><![CDATA[<p pid="868.1">They will not be embarrassing for me.</p><p pid="868.2">I grew up in a house in which finance was discussed and this economy used to have high interest rates to discipline the economy.  During the past ten or 12 years, although Japan has set both low and zero interest rates, it still has not emerged from its difficulties.  The only way in which one can discipline an economy is to have higher levels of interest.  Low interest rates and zero interest rates were set in America four or five years ago and further back but it has not done them any good.  If one wishes to stop spending, one must make it expensive to spend and we should have done that.  I remember the 1950s and 1960s when de Valera and SeĂˇn Lemass were in power.  They used to operate credit squeezes and would increase interest rates.  The Central Bank then had much greater authority and control than is the case at present.  While one criticises the Financial Regulator and the Central Bank, this might not be justified because of the Single Market and of events in Europe, which governed them to an extent.  Perhaps we are taking a wrong direction.  Although we have been boastful about reducing interest rates, it appears the financial institutions are not able to lower such interest rates as they should.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g866.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g866.0</link>
	<description>&acirc;€”&acirc;€”because I was told that agriculture was yesterday&acirc;€™s business. I raised this issue with Dan McLaughlin of Bank of Ireland.  I had known, and can quote several paper cuttings from the past...</description>
	<content:encoded><![CDATA[<p pid="866.1">â€”â€”because I was told that agriculture was yesterdayâ€™s business.</p><p pid="866.2">I raised this issue with Dan McLaughlin of Bank of Ireland.  I had known, and can quote several paper cuttings from the past four or five years to this effect, where we were going in the world economy in respect of construction but no one took it seriously.  That is the reason we have finished up on the rocks today.  The results published by AIB this morning are quite frightening when compared with those from six months ago.  I consider them to be quite alarming.</p><p pid="866.3">In the course of another debate in this House a few weeks ago, I stated that many people have invested heavily in the Irish stock market and other stock markets.  Rather than investing in pension funds, they invested in the shares of Irish banks.  They will receive no dividend.  Such people will have paper shares and I do not know when they will grow again, expand and pay out dividends.  I noted the bank today referred to 2011 and possibly later.  Such people now are paupers because the small amount of capital they possess precludes them from qualifying for a non-contributory old age pension.  Many such people have contacted me and I am quite concerned by this issue.  I acknowledge the banks and all businesses must improve their capital base.  The only way they can do that is by not paying a dividend, rather than engaging in scrip issues and whatever goes with so doing.</p><p pid="866.4">In respect of interest rates, I made a point in the House some weeks ago about the manner in which we had behaved.  Developers bought land from farmers at crossroads and paid small money for it.  They then developed such land by putting water or sewage pipes into it thereby increasing its value three, four or fivefold.  Moreover, they got away with 20% capital gains tax.  Had that tax been set at a higher level, we may not have had the problems we face today in respect of developers.  As I have suggested previously, we should have a much higher rate of tax for speculators than for the ordinary Joe Soap.  Although the man on the street expects an increase of 2% or 3% in his wage packet, share options was the name of the game for these people.  I invest heavily and make no secret of it.  I have suffered a lot in recent weeks and make no apology for that either.  Members will see that my returns for next year will not be better than those for last year.  I can live with that.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g864.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g864.0</link>
	<description>Iceland neglected its fishing industry and went down the path of financial services.  Where is it today?  The same thing has happened.  We neglected our agriculture in a manner that was promoted...</description>
	<content:encoded><![CDATA[<p pid="864.1">Iceland neglected its fishing industry and went down the path of financial services.  Where is it today?  The same thing has happened.  We neglected our agriculture in a manner that was promoted by everyone.  I spoke at meetings throughout the country and was laughed out of school in many places at public meetingsâ€”â€”-</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
</item>
<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g860.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g860.0</link>
	<description>Iceland went down the road of&acirc;€”&acirc;€”</description>
	<content:encoded><![CDATA[<p pid="860.1">Iceland went down the road ofâ€”â€”</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g857.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g857.0</link>
	<description>I refer to Iceland.</description>
	<content:encoded><![CDATA[<p pid="857.1">I refer to Iceland.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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<item rdf:about="http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g854.0">
	<title>Financial Resolution No. 15: General (Resumed) | D&amp;aacute;il debates</title>
	<link>http://www.kildarestreet.com/debates/?id=2008-11-05.781.0&amp;m=696#g854.0</link>
	<description>Members should consider what happened in Iceland.</description>
	<content:encoded><![CDATA[<p pid="854.1">Members should consider what happened in Iceland.</p>]]></content:encoded>
	<dc:date>2008-11-05T21:00:00+00:00</dc:date>
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