Ivor Callely (Fianna Fail)

I support my colleague, Senator Hanafin, on the issues he raised, along with other speakers, about stem cell research and finance. While there has been a great impetus over the past 24 to 48 hours to try to resolve the capital market situation and falling share prices, especially of the financial institutions, I am not sure what any injection of capital from Government will do about the extraordinary times in which we live and the recession. Despite any cash injection, in whatever format or mechanism, we will still be in a very dark situation as we approach 2009 and throughout 2009. I am deeply concerned about the impact the lack of finance available to business and households will have and what is likely to happen over the next few months.

If there is a cash injection by Government over the next short period, the Leader must ensure he is informed and works with the Minister and others in the Department of Finance who speak to the banking institutions or the Financial Regulator. This is very sensitive. There must be some associated mechanism to ensure cash is made available to those who require it to prevent foreclosures on homes and businesses closing with a loss of employment. Whatever we do to address the capital market difficulties, there must be some leverage to ensure we get the maximum benefit required as we approach the very difficult months ahead.

Perhaps the Leader will pursue my suggestion of a number of weeks ago about the importance of what Senator Hanafin said about buying Irish products and services. I ask the Leader to enter discussions with other leaders in this House to see how we can do it individually, collectively and in our political groupings. I will not ask the Leader to respond to that part of my question today but I ask him some day next week to brief me on the progress he has made with the other political groupings in this House on that matter.