Donie Cassidy (Fianna Fail)

Senators Fitzgerald, Boyle, Kelly, Walsh, O'Reilly, Keaveney, Callely, Butler, Harris and Hanafin all called for an urgent debate on the state of the economy after the Easter recess. I fully agree with the sentiments expressed and there is no difficulty in having the debate. Senator Keaveney also asked that the Minister of State with responsibility for innovation, Deputy Michael Ahern, be invited to the House. It is an opportune time to do this and I will endeavour to have the Minister of State present for part of this debate also.

The Government, and the Minister for Finance in particular, was very wise to ensure the anticipated downturn in the economy, or the realignment which was very badly wanted after 12 or 14 years of growth, is taking place. It is possible we have gone past the halfway stage and we are well on the way to the second half of this downturn and realignment. I congratulate the Government on increasing its spend on national development plan projects, particularly in essentials such as the roads, hospitals, schools, water and sewerage systems by 12.5%. It is keeping a major part of the construction industry going.

The construction industry is being affected by the downturn currently but there is demand for agricultural facilities, such as slatted sheds, etc. There are quarries where cement is being manufactured that are in huge demand, and these will be very fortunate to get most of the orders looked at and attended to in the coming 12 months. That is on the positive side.

Unprecedented events are happening in the United States of America and even in the UK this morning, the rumour machine is ripe. It is a dangerous time. Senators should realise that banks only survive if they loan money; essentially they survive on credit. The Governor of the Bank of England was correct this morning, as I heard on a dispatch on the radio that he would be at pains to point this out.

There is no point in the institutions not opening their books for the next year or two years and hoping the entire world will stop for them. We owe them nothing and they owe us quite a lot. The shareholders of these banks and everybody associated with them make money on the endeavour of the entrepreneur and the hard-working decent men and women of every country that is making the economy function.

Ours is one of the top countries in the world and we are very proud of it, especially on an Easter weekend. Look at what we have achieved since 1916. We will commemorate the 92nd anniversary on O'Connell Street at 12 p.m. next Sunday with the President, Taoiseach, Tánaiste and Ministers. I would like to see a big turnout by Senators to participate and acknowledge the forefathers who gave us this great nation and brought us where we are today.