Feargal Quinn (Independent)

It is said the measure of a democracy is how a society looks after those who are unable to look after themselves and, from that point of view, we are open to severe criticism because of the lack of speech, language and occupational therapists. In future years, this period will be looked on as a disgrace because we have let ourselves down.

Yesterday the Irish stock market lost €4 billion. In the past, this would only have been of great concern to wealthy people who invested in it but nowadays it concerns a large number of citizens. Most pensions are invested in equities and many people invested in equity-based SSIAs. However, they should not panic, although they should not assume the market will bounce back. Many SSIA holders will have the opportunity to cash in from tomorrow but they might be wiser to hold on. In the past people panicked and that was not helpful. Yesterday's events offer a reminder that those who put their careers and livelihoods into equities rather than secure guaranteed futures take a chance. They could become very wealthy but a large number of people do not succeed in business and this is a reminder that businesses can fluctuate.

Part of our task is to make sure we make the country attractive for business. Senators Maurice Hayes and Norris referred to the lack of investment in the Office of Corporate Enforcement. Better regulation is required because there is the possibility that unsuitable red tape and regulations from Europe or from our Government will make this a less attractive place in which to set up a business and for business to succeed. Therefore, pensioners and SSIA investors will not have the guarantee of business success. Better regulation should be high on our agenda.