Shane Ross (Independent)

The Government is keeping its head in the sand and saying, "Don't worry. Don't panic". That is wrong. We should be panicking. This is a time for panic.

Across the road from Leinster House today, RTE union members are meeting to ask about their pensions. The Irish stock market is down 40%. People are worried that they will not get their pensions at all — they are wrong, but they are worried about it. I would like to know what the implications are for pensions and for the IFSC given what has happened to Bear Stearns, the fifth largest investment house in America. What does this mean for Ireland? It means a lot. What does it mean if US investment, like it or not, is withdrawn from this country because of what is happening back in the US? We are not discussing this. Given that the dollar is collapsing around the world as we speak, what does this mean for Irish exports?

It is irresponsible for us, today, to be talking about knocking on doors on local issues when the financial world is in a crisis which affects us on our doorstep. I beg the Leader to contact the Minister for Finance and ask him to come in here and give people the sort of assurance they need because they feel helpless in this situation.