John Gerard Hanafin (Fianna Fail)

I request the Minister for Finance to come to the House at the earliest opportunity in the new year to discuss the sustainable economic renewal. This is to be broadly and warmly welcomed. I agree with Senator Keaveney that people are buying Irish but in many cases they are going North of the Border to do so.

With so many people making such significant purchases North of the Border — I do not mean people coming back from holidays with presents, I mean sustained major purchases — there must be a case for pushing forward with the all-Ireland economy whereby VAT rates and duties would be in sync North and South of the Border, particularly because we are an island nation. This would suit both sides because it seems to be a game of ping-pong. For a few years people go North of the Border to shop and then go South of the Border for another few years. It is not sustainable at either side. We would benefit greatly from having this debate. One must wonder how the people who go North to shop can be shouting for extra services if they spend their money and pay VAT in another jurisdiction. This is worth considering.

In the same debate we can raise with the Minister for Finance the lack of confidence in the financial markets. The further blow from the United States where Mr. Madoff — if one will excuse the pun — made off with $50 billion. The market was barely recovering from the previous scandals. Even though interest rates are set low by the central banks, the interbank rate is still high and therefore people still pay high rates because of the lack of confidence between the banks. We live in a global financial market. When will regulation on a global scale be introduced? As money moves swiftly between borders we need regulation at global level.