Ivor Callely (Fianna Fail)

We are living in unusual and unpredictable times. We all recognise that conditions have changed utterly. The global turbulence we are experiencing and the statements by legislators, economists and leaders in various fields indicate an uncharted and difficult future.

For a considerable period there was tremendous optimism in the Irish economy. Over the past decade, this great country has witnessed unprecedented improvements in quality of life and economic activity. Activity and progress touched every home and all parts of the country. Everyone enjoyed unprecedented levels of prosperity. Hardly a family or a region missed Ireland's economic boom. There were success stories, achievements, confidence and optimism at every level. Ireland boxed above its weight on the international stage.

Too much attention is being devoted to diagnoses of our economy and the international currency crisis. The sad message coming from certain quarters is that the lights have gone out and there is doom and gloom everywhere. We are expected to knuckle down, buckle up and enter hibernation. There is too much detailed analysis of the international and Irish currency and stock market difficulties by Members of this House. The Minister of State, Deputy Mansergh, will be able to provide an appropriate explanation of the analysis of various experts in these fields, so the energy of this House should be focused on what we can influence and on promoting economic and financial activity rather than on criticism of fragmented thinking with no real attempt to confront the issue or make positive suggestions on restoring our former confidence.

Do players remain in whom we can have confidence? I have confidence in those who have attracted foreign direct investment to this island in the past, such as IDA Ireland, Enterprise Ireland and the other structures which we have put in place to ensure success in very competitive markets. I also have faith in Government policy regarding low wages, the low cost, knowledge-based economy and investments in infrastructure. The Minister of State might indicate for us the additional moneys which will be spent in 2009 on projects such as Transport 21 and the national development plan. I still have confidence in the structures and players, not only in the State and semi-State sector but also in the innovative private sector. This is the team which has been so successful for such a prolonged period, when other players who were competing strongly with us were unable to reach our level. Unless the Minister of State, Deputy Mansergh, has some news of which I am not aware, or information on some great change coming down the track — that the team is gone, the players are gone and it is time to put out the lights — I still have strong confidence and belief in the capacity of the people.

I have listened with interest to people talking about irresponsible bankers and 100% loans. I question the value of sending out this message, especially in the global telecommunications age in which we live. People who are considering investing in Ireland may pick up these messages and conclude there is a problem here. If there were asset tests on certain projects, we might not like the answers, but if we keep to our game plan, we will be able to get from A to Z and obtain the results we had intended to achieve at the outset.

In July of this year I approached the Oireachtas Library and Research Service to obtain the 2007 report on the financial stability of the Irish banking sector. The reference is 2008/4313. I wish to express my gratitude to the staff of this service, particularly Liam Morris, who carried out much of the work. He indicated to me that the paper would provide an overview of the Irish banking industry, describe the economic impact of the sector and the financial soundness of the industry, and assess the likely impact of the global credit crunch on the sector. The paper outlines the structure of the Irish banking system, which is made up of two distinct groups: banks that focus on the domestic economy and those that focus on international financial services. I will not go through the paper in great detail, but I wonder how many minutes I have left.