Frances Fitzgerald (Fine Gael)

If ever there was evidence that the Oireachtas should not be adjourning until 27 January, which is such a long time without democratic accountability, it is certainly to be seen in today's news. There is news on the economy and on banking regulation that is very disturbing and that needs to be discussed in the Dáil and the Seanad and in the finance committees of these Houses.

On "Morning Ireland" this morning, the ESRI spokesman described yesterday's launch of the Government economic strategy as an interesting, aspirational document which did not deal with the immediate crisis facing us or the hard decisions that need to be taken to protect jobs and the economy. That is a damning indictment. He stated that the current crisis needs a far more detailed and immediate response. The document contains very disturbing news, as we meet on the last sitting day of the Seanad this year, in that it forecasts that unemployment will rise, possibly to 10% and beyond, that more than 50,000 people will leave the country by April 2009 and that the deficit will be even more than was imagined until yesterday, with a potential rise in public borrowing to €18.2 billion in 2009. It is a disturbing story about our economy and our public finances.

These are challenging times for the Government and the people. It has also been an extraordinary political year from an economic point of view. None of us will forget the sight of those thousands of elderly people in the church protesting against the budget decisions. That really was a defining moment to see those people packed into the church, so disturbed by the decision to take the medical card from them. As Fine Gael said in the House this week, we are not happy with the current decision on the medical card.

Many Senators spoke yesterday about their concern that none of these issues was discussed in the House. The report that was launched yesterday will not be discussed. It will come up during the debate on the Finance Bill today, but we needed a discussion on that report. Therefore, I propose an amendment to the Order of Business that we will have an opportunity to discuss the Government's strategy, as outlined in the report that was launched in Dublin Castle yesterday. That is the least that should happen.

We also must talk about the governance of the banks, especially following the issue that came into the public domain yesterday about Anglo Irish Bank. Mr. Sean FitzPatrick has resigned as a result of this. This astonishing news, which raises most serious questions about the regulation and governance of our banks in recent years, must be discussed by this House. The amendment to today's Order of Business that I have proposed includes a reference to the need to discuss the governance issues in the banking sector that arise from what has emerged today.