Paschal Donohoe (Fine Gael)

I support Senator Fitzgerald's call for a debate on the economy. I would like the debate to focus in particular on the impact of the international banking sector on Ireland. In recent weeks, a major European bank, Comerzbank, announced a €450 million exposure to the sub-prime market. This week Morgan Stanley suffered a 42% drop in its earnings for the first quarter and this Monday the share price of Lehman Brothers dropped by 35% on its closing share price on Friday. What all these organisations have in common is that they are clearly in difficulty. However, they have another factor in common. Two are based in the IFSC and are major suppliers of local employment, while the third, Lehman Brothers, is a major stakeholder in the IFSC given the amount of business it directs towards it.

We are in a place where the new economy upon which this country has built its recent success is in clear peril. We need clear and substantial direction from the Government with regard to recognition of this situation and what it is going to do about it. When the Seanad returns after the break, it is incumbent on us to recognise this issue and to hear from the Government what it wants to do about it.

Senator Boyle is correct. If are to comment on this situation, we should say what we will do about it. We will do so. We will discuss what we want to do with regard to the national development plan, the opportunities presented to Ireland because of changes in the UK taxation system and the opportunities for us to grow our country's share of business aggressively in the Asian and Chinese economies. We have an opportunity to do all this, but the Government has an obligation to govern. It has an obligation to recognise the seriousness of this situation and to come to the House to talk about it and tell us what it is going to do. That is crucial for consumers and the ordinary man and women in the street who find themselves in a situation where forces beyond their control are beginning to influence how their banks treat them.

I support Senator Coghlan's point and plead with the Leader to give us clarity in regard to the Civil Law (Miscellaneous Provisions) Bill. I raised this matter in the House previously. A number of the sections in that Bill have a huge impact on the ability of small businesses to lease commercial property from landlords. Due to the non-implementation of the Bill, the ability of those small businesses to survive is being threatened. We are spending time in the House talking about forces that are beyond are control. Some are within our control. Businesses are being threatened because we are not implementing this legislation. I ask the Leader to tell us what is happening with this Bill. He should use his influence to make sure that small businesses and their viability are not threatened because this legislation has not come before the House.