Fiona O'Malley (Progressive Democrats)

I have respect for the Senator's opinion, but he must be accurate and fair about these matters. I agree we need to consider what catastrophe our action has prevented. The banking sector could have collapsed. What does that mean for ordinary people? Life, as they know it, would have ceased and they would not have had access to money as previously. It was for that reason it was important the Government acted as swiftly as it did.

It is to Ireland's credit that the Government acted decisively. Tonight the American Senate has agreed on a rescue package for America. The UK did not act with the same kind of decisiveness. Our response will stand to us. I appreciate the remarks made by Senator O'Toole with regard to unity of purpose. This move is in all our interests and we are all united tonight in ensuring the banking sector and financial institutions will survive and ride out the difficult times ahead.

The Government has been decisive and we now need to look forward. There is not much merit in looking backward. We need to consider the challenges the changes to the financial sector present now. There will be significant challenges for the financial services sector and we should devise a strategic plan to deal with these. The financial sector is no longer what it used to be. Significant moneys and jobs were created in the sector in the past 20 years, but we now need to consider the long-term consequences of this financial turmoil and ensure a strategic plan is put in place to protect the sector. The sector has rewarded us and brought significant benefit to the country and we must ensure it can survive. The banks are getting a good deal and good terms. Previously, when banks were given assistance, taxpayers got no reward from the deal. They will get some reward this time. It is important we go ahead with this move. It has to be acknowledged that irresponsible lending practices were pursued but we now have a guarantee these will not continue. One would hope that banks' behaviour will change. We need to ensure that the generosity——