Paschal Donohoe (Fine Gael)

I support the calls made by my colleague, Senator Twomey, for a debate on the state of our economy, especially its manufacturing elements. In the past week, a number of events have highlighted the precarious position in which the country could find itself. For example, we are aware of the manufacturing job losses that could occur in the midlands, a matter a number of my colleagues will raise later. This week, some of our largest employers, the American banks in particular, have announced further unprecedented losses in their financial performances this year. They have indicated that as a result, they will need to take measures such as international job cuts and so on. One can only hope such measures will not affect Ireland or the employees of such banks here.

I raise this point because the issues faced by Ireland regarding the aforementioned difficulties and the state of its housing market also are being faced in other countries across the world. In particular, these issues are being faced by the Spanish Government and economy. Within the past week, the newly re-elected leader of the Spanish Government, together with his finance Minister, have stated publically that they recognise the scale of the issue facing that country. The Spanish Government has announced new measures outlining its intentions in respect of re-stimulating the economy, the housing market and so on. It is taking two steps that are not happening in Ireland. The Spanish have recognised the scale of the problem and seek to do something about it.

In the absence of such a framework, other companies and groups are trying to take the lead in deciding what should be done. In that light, I ask the Leader to clarify for Members the position regarding the credit note that Waterford Wedgwood plc seeks from the Government to finance its operations, both in Ireland and globally. I do not know enough about the discussions that are taking place in this regard to be able to comment. However, it merits discussion in this House because were this request to be granted, it would constitute a significant change in how such issues are responded to in Ireland. I ask the Leader whether the Government is considering similar measures for other companies throughout the country that are faced with similar difficulties, including those located in my constituency, as well as that of Senator McFadden and the Leader himself.