Eugene Regan (Fine Gael)

I remind the House that a motion was tabled in the Lower House last week calling for an urgent debate on the economy and it was rubbished by the Government and dismissed out of hand by the Taoiseach as playing games. Vindication of the urgency of a debate on the economy has been provided in the past 24 hours. We all know and those on the Opposition side of the House accept that it was necessary for the Government to act. All we are dealing with here are the safeguards required in terms of taxpayers' money, oversight, proper regulation of the banks and ensuring that with this guarantee the banks do not attempt to double their debts and take risks at taxpayers' expense. They are all serious issues. This is not to cramp the Government's approach in dealing with a crisis.

However, it highlights another issue that is symptomatic of the Government's approach on economic policy — its inaction, reaction and lack of ideas. The series of measures introduced by the Minister for Finance, Deputy Brian Lenihan, are exactly the same ideas proposed by Deputy Bruton to cancel ministerial and higher public service pay rises, cut the number of Ministers of State, announce a list of agencies to be rationalised and release up to €400 million from the failed decentralisation programme.

The next measure was the increase of the deposit account guarantee to €100,000, a proposal, which although made by Deputy Bruton more than a year ago was only acted upon when prompted by the crisis reflected in Joe Duffy's radio programme. The Government has known, as has been pointed out from many sources, that there was a fundamental problem in our banking system that needed to be addressed. However, it only addressed it when it was too late at the 11th hour. It then took a measure that was not thought through and the full implications of which we do not know and neither does the Government. That is what we must address tonight.

This side of the House, as will be the case in the Lower House, will be constructive in all this debate. Rushed legislation is always very dangerous. Even at this late stage, we would like to ensure we get this one right.