Labhrás Ó Murchú (Fianna Fail)

I ask the Leader to consider allowing time on an ongoing basis to discuss the economy. As we are all aware, the global financial crisis appears to be changing on an hourly basis. While a fair amount of time has been laid aside for a debate today, that is not sufficient. I do not know whether it should take the form of a question and answer session, as has been suggested, but I genuinely believe it should be done on a regular basis.

There is no doubt the banks will eventually have to answer questions. It is not necessary that this should be part of what we are trying to achieve at the present time. The Government certainly moved very rapidly last night and, in the early hours of the morning, did something which, to many, would seem extraordinary and very courageous. We also know that if it had not taken those steps we would not have the improved situation in the markets today. That the Anglo Irish Bank alone dropped 40% in its share price yesterday and recovered 40% again today is an indication that the right steps were taken. Regarding what happened in America, we were all kept on tenter hooks as to whether the administration's finance rescue Bill would pass. One clear message from the Democrats and the Republicans, so far as I can see, is that at the end of the day the decision not to back the Bill was based more on politics than on any legislative consideration. I have been encouraged by the united approach that has come about as a result of the Government's decision last night. I detect the same tone in the House today. I believe that is exactly what is required at this time.

Before the recess I spoke in much the same way when we did not know the extent of the situation. The only hope we have at present is to determine whether we can promote a united approach because what we are talking about is jobs, the concerns of small investors, people with deposit accounts and so on. When we break down the bigger picture we are still talking about the taxpayer and the individual on the ground. If we are not talking about those, who do we represent? I genuinely believe we are trying to legislate for the concerns on the ground and hopefully we will be able to come through this problem. Incidentally, I think we have done better than some of those who would regard themselves as the great powers. America has not done itself any credit by the manner in which it has procrastinated because it impacts on countries throughout the world who are not as well placed as itself. We should not tie ourselves too closely to its coat tails. Last night we proved that we were capable of making an independent sovereign decision. That is the leadership we need now and such a feeling can be sensed in the House today.