Joe O'Toole (Independent)

I would appreciate the views of the Members on the issue of the discussions on the economy. The trade union movement, including public sector unions, have offered a €2 billion recovery bond to the Government, which they are prepared to champion, support and sell. There has not been an adequate response to that proposal. This money is on the table for the Government to use. Two actions are required. An adequate response should be provided because it will give focus and direction and bring people together. Second, the private sector should be prepared to consider a similar bond. The two ways to raise money are taxation and cutbacks and many approaches could be taken. However, this bond is novel. Michael Collins did something similar in 1922, about which we heard last week in the Mansion House. This should be examined and a response provided.

I refer to the involvement of the Taoiseach with the social partners. The view has always been that the four pillars involved — the trade union movement, employers and business, government and community and voluntary groups — should go to their bases and elect the people who enter the room for negotiations. Trade unions elect their leaders, as do business groups and employers and the Dáil. That is the basis on which representatives meet. The difference between the social partners and the Houses of the Oireachtas is when the social partners sign off on agreements, they sign in blood. They are stuck with the decision they make, like it or lump it. I agree with Senator Fitzgerald that it is wrong and unhelpful of the Taoiseach not to share the issues with the Dáil and Seanad. I said this when the economic recovery programme was launched in Dublin Castle. The programme should also have been launched in the House because political input is crucial, particularly that of the Opposition and Independents. However, that is a different process and both processes are hugely important. As I stated last night, the current process would be strengthened massively by the involvement of individuals such as Deputies Bruton and Burton and other commentators.

Senator Fitzgerald and myself do not agree on the Taoiseach's passion yesterday but it was good to see a little passion on the issue. There is no doubt the trade union movement will do a deal but there is doubt about whether the private sector will come up to the mark or whether groups such as IBEC, which is supported by the six large banks, will continue to evade the fact that its members created this mess and they are riding on the backs of the people in their sector who are losing jobs without any reference to those who are earning high incomes in the sector. A balance needs to be struck and once that is achieved, we will get an agreement. It is not that difficult.