David Norris (Independent)

I read an article in a newspaper during the week that suggested the word "crisis" derives from two ancient words, one meaning "danger" and the other meaning "opportunity". We need to consider the idea of opportunity. We are in very difficult circumstances and there is a crisis, at which the banks are at the centre. My problem is that we do not know the extent of the deficit. It is like one of those old brain teasers in which one has to fill up a hole with a bucket with a leak without knowing quite how deep the hole is. We do not know the volume of assets that will be needed.

As a taxpayer, although in a fortunate position, like most of us present, I do not particularly want taxpayers' money disappearing down an endless gully. We should sequester the assets of those property speculators who have caused this problem, remove them from private ownership and place them under the aegis of what one could describe roughly as a national property management agency. If the developments become profitable, a proportion can be returned to the private investors. While I know private property is protected by the Constitution, the overriding principle is the public good. I very much doubt that any Irish citizen believes the public good is served by pouring money into the pockets of those people.