Terry Leyden (Fianna Fail)

I thank Senator Mary White for sharing her time. I welcome the Minister. He is the right man at the right time in the right place and I congratulate him on his effective work in the Department of Finance. He has a great onus of responsibility and he has made the right decision. I disagree with Professor Morgan Kelly, whose despicable article appears in The Irish Times today. It is a disgraceful article which tries to undermine the credibility of this State.

I should remind the House that the State owned ICC, ACC and Fóir Teoranta, which were very effective organisations when needed in this State. Now we have to utilise this bank in the best interests of the economy. I have made a proposal to the effect that a €10 billion reconstruction bond fund should be set up now under this bank. It can manage the fund. The ICTU has agreed with this proposal and stated that the establishment of a national recovery bond to which the public can subscribe would mobilise the national mood by an effort to restore the economy to full capacity. Now we have the vehicle to provide funding for small industry, through Anglo Irish Bank in public ownership. This is a golden opportunity and we should grasp it. I believe that people would be prepared to invest for a ten-year period, provided there was either a bond scheme generating a return in the interim or a pension scheme, to be availed of by many who have no such scheme and who could pay into it on a weekly basis to reap a return in ten years' time, when they need a pension.

I believe there is room to utilise this national emergency in the best interests of the country. We have the vehicle and the top people inside the bank who were let down by senior management. Some of the people at lower levels have been doing an excellent job. There are 1,200 people there, as Senator Mary White said, and those jobs must be protected as well. The Minister must also make a clear statement in respect of AIB, Bank of Ireland and Permanent TSB, which I have shares in and lost some money on, to the effect that they are sound as a bell and will continue to work in the interests of the public.