Donie Cassidy (Fianna Fail)

I look forward to other Ministers and Ministers of State taking on board the example set by the Minister yesterday.

We all know the world is in financial crisis and as Senator Frances Fitzgerald has said, three months ago all Governments in the world were of a the same view. Today, however, that view has changed. I outlined to the House yesterday that when the Governor of Virginia, Mr. Tim Kaine visited the House in June, he told me that his administration had reviewed the State's financial position three times in the first six months of this year. That indicates that the economic situation is changing by the month, if not by the week. Unfortunately, the volatility will continue for some time, although hopefully not for as long as some political commentators suggest. Hopefully, the election of Senator Obama, which has been uplifting for the western world, will improve matters. We all look forward to his contribution and hope he will play a major role in restoring confidence in the financial system in the United States of America. Since the collapse of Lehman Brothers Bank, the global economy has taken a serious turn for the worse, particularly in the banking area.

Senator Ross pointed out that the ECB is likely to reduce interest rates again today, which I welcome. It is also expected that the United Kingdom will reduce its interest rates. We will monitor, on a daily basis, those banks to whom the State has given a guarantee, to ensure they pass on any reductions in interest rates to their customers. I call on all Members to inform the House during the Order of Business next Tuesday of any bank that does not do so. Such banks will be named in this House during the Order of Business because we owe it to the Irish people, to those who have worked hard to make our country what it is today, to do so. We also owe it to the younger generation, some of whom are in the Public Gallery as I speak. They are very welcome to Seanad Éireann. We must all play our part and I expect the financial institutions to do so, particularly as they benefited most from the Celtic tiger, parts one and two.

Senator O'Toole raised the issue of energy costs and the difficulties being experienced by many. Senators Coffey, Callely, Mary White, Buttimer, Walsh, Twomey and Quinn all expressed their serious concern at the additional 15,000 people on the live register. The situation is very serious as the most recent unemployment figures are the same as those that pertained in 1997. Unfortunately, the rise in unemployment will probably continue for another few months or so. In the United Kingdom, which has a population of 60 million, almost 2 million are currently unemployed. That illustrates that the downturn is worldwide.

As I have often said before, business is not about turnover but about overheads. In that context, current energy costs are unacceptable. I have asked Senators who are members of the Joint Committee on Communications, Energy and Natural Resources to meet me after the Order of Business to discuss energy costs. I also invite members of the Joint Committee on Enterprise, Trade and Employment to that meeting and any other Senators who wish to attend. The meeting will be short as I am aware that there are other meetings scheduled to begin at 12.00 p.m. today. The aim of the meeting is to determine how we can play our part in dealing with the challenging price increases from the ESB and Bord Gáis, as well as the price paid at the pumps for petrol and diesel. We played a substantial role in reducing insurance costs by our review of the insurance industry. We can play a similar role during the lifetime of this Seanad with regard to energy costs.

Many Senators have called for a debate on agriculture, which I hope will take place during the last week of November. Senators Hanafin and Callely raised the issue of unemployment and requested that the Tánaiste and Minister for Enterprise, Trade and Employment be invited to the House to discuss the challenges facing her Department, particularly with regard to job creation and maintaining existing jobs. In the latter context, Senator Quinn referred to the fact that many service sector businesses, particularly hotels and restaurants, are closing their doors on Sundays because they cannot afford to pay their staff double time. The regulations in this regard were introduced in very good times, as Senator Quinn said. It is now time to revisit this matter to see if the regulations can be dismantled in the short term in order that businesses can keep their doors open and staff can get an extra day's pay. We can put this matter to the Tánaiste when she visits the House. I ask Members to raise this issue at their weekly parliamentary party meetings. I undertake to raise the matter at the Fianna Fáil Parliamentary Party meeting next Tuesday. It is unacceptable that businesses are losing out because of a regulation that no longer reflects the economic climate.

Senator Bacik asked for clarification regarding the status of the climate change Bill. I will do my best to see how we can progress that matter. The Senator also raised the issue of funding for various bodies, which can be debated in the House when the Minister is present, at a future date.

Senators Cummins and Keaveney asked that the Minister for Finance or the Minister for Defence be invited to the House to discuss the proposed closure of certain army barracks. I have no difficulty in acceding to that request.

Senator Ellis raised the issue of the register of electors. The new closing date for registering to vote is 24 November. I support the Senator's call for young people at third level institutions to become actively involved in politics. Senator Barack Obama's election campaign started in university campuses in the United States of America and what a difference young people's involvement made to that campaign.

Senator Ellis called for a debate on transport, which I will facilitate. I welcome the opening yesterday of the Eiscir Riada fly over on the N4 and N6 routes. For those of us who used the road when travelling last night and this morning it was a great surprise.

Senators Buttimer and Walsh called for a debate on Northern Ireland. I gave a commitment to this already on the Order of Business yesterday. I will pass on to the relevant Minister Senator Walsh's strong views on the Bloody Sunday tragedy and his call for the need to maintain pressure in regard to the matter. Senator Keaveney expressed strong views on the state of infectious control services and related matters. I will allow statements or a debate on the matter in the House at the earliest possible opportunity. Senators Corrigan and Keaveney passed on their good wishes to the Chief Whip on the Government side of the House, Senator Wilson, concerning the issues raised in the House last night and I share those good wishes also.