Donie Cassidy (Fianna Fail)

I propose an amendment on the Order of Business, "That statements on the planned recapitalisation of Allied Irish Banks and Bank of Ireland be taken between 12.30 p.m. and 2.30 p.m., with spokespersons having 12 minutes, all other Senators seven minutes, and Senators may share time, and the Minister to be called upon ten minutes from the conclusion of the debate for concluding comments." I thank the leaders of the groups for their understanding. I was trying to get the Ministers available for it to take place and I could not order it at the start of the Order of Business.

Senators Fitzgerald, Mullen, Hannigan, Boyle, Regan, Glynn, Coghlan, Butler, Ross, Daly, McCarthy, Ó Murchú, Quinn, Callely, Donohoe, Ormonde, Norris and Healy Eames expressed their views on the recapitalisation of the banks, which we all now know took place following the Government meeting yesterday. It is to be welcomed because everything that has been done since last September has been done with one thing in mind. The Government and the Oireachtas are trying to do the best they can for the economy and to sustain or maintain the economy at the best possible level.

When one sees reports on television about America, Australia, UK and other much stronger nations than Ireland it brings home the serious downturn in the global economy. Everything that can possibly be done is being done to bolster the economy for the banks to be able to play their part. I welcome the commitment this morning for 10% extra funding to go into mortgages for first-time buyers of new homes. I welcome Ulster Bank's announcement yesterday on its new mortgage package, which guarantees for five years the price at which the house is purchased, less 15%, which I understand contractors and builders will underwrite. All these things are being done at a time when there is an unprecedented downturn in the global economy.

The Government made the correct decision in guaranteeing all the deposits and this House had to sit all night to pass the Bill. The Government made the correct decision to capitalise the banks, although €7 billion may not be enough. Those in the country who know much more about it say it will be the start of possible future investments which may have to be made. All these things have been made right and done right.

If there is something that needs to be done, the regulations on enforcement and the power of the regulator must be strengthened, and this must be done within the next two weeks. Perhaps we should look at the United States and the standards and types of enforcement necessary. If enforcement and regulations are in place, all good people working under the laws and regulations will abide by them. If anything is wrong at present it is that the regulations on enforcement are not strong enough and the Oireachtas should make this a priority. The Minister for Finance, Deputy Brian Lenihan, said on air this morning that this must be looked at and I know he is doing so as a matter of urgency.

Of course this side of the House has confidence in the Minister for Finance. He is an incredibly intelligent, hard working, decent man. The man or woman who has never made a mistake has never achieved anything. At least he did the honourable thing, as was said in the House, and said he did not read page 129. It is difficult to accept, but it is reality and the man has been honest and decent to tell the nation this was the case. The Minister was in the House on many occasions, often at very short notice, to update us on his portfolio. We look forward to working with him for very many years to come.

Regarding the concerns of Senators Hannigan and Butler about the one-year agreement with the banks on the repossession of homes of those who are not paying their mortgages, in most cases probably because of unemployment, their views can be expressed with the Minister present later today.

It is terrible to see the workers losing jobs from Waterford Crystal, Dell, as Senator Ó Murchú mentioned, and now SR Technics, where 1,100 jobs are being lost. I remember when there was a recession in the 1980s and former Taoiseach Charles Haughey took a personal interest to ensure this particular project was set up because it would give hope to the people of the north inner city and, in particular, north county Dublin, as well as Meath, Louth and the surrounding counties. It must be said loudly and clearly that competitiveness is our greatest challenge for the future. At that time the cost of living, including labour costs, were pretty low. Over the past 20 years, however, everything has changed considerably. According to the cost graphs, we have a long way to go, probably involving a 20% reduction in wages and goods, to maintain the same competitiveness as when we had the edge 20 years ago. I wish the workers well in their deliberations today. I hope the unions, employers and Government agencies, as well as the Tánaiste and Minister for Enterprise, Trade and Employment who is taking an active part in this, will try to find a solution because this is the high-tech end of industry. Passenger numbers are increasing and Dublin Airport is ideally situated in Europe to provide services. At present, 70% of the workforce is employed in service industries. This is one area in which we should be trying to hold contracts or even increase them. I understand the contracts were lost on price, not on work quality or staff efficiency, which are excellent. We will certainly have to examine competitiveness seriously as well as debating it in the House as often as we are requested to do so.

Senator Butler referred to the HSE and Bethany House in Carlow. I will convey his concerns to the Minister for Health and Children after the Order of Business. Senator Daly mentioned the reduction in professional fees, as well as figures in the Estimates for his native Kerry. I can certainly pass on his views to the Minister. I will also assist him in any way he wishes as regards having a debate on these matters, including the examples he has highlighted.

Senator Ó Murchú cited the example of two children who were born in jail because their mothers were imprisoned. That brings home the stark reality of both sides of life that were discussed on the Order of Business this morning. We must take those serious concerns into consideration and I will pass the Senator's remarks on to the Minister.

Senator Quinn referred to jobs and the necessity of keeping our young people at home in Ireland. The greatest education any young person can get when starting out in life is to begin at the bottom. Then, and only then, can one appreciate the good fortune, opportunity, success and progress one makes in life. The fear of ever going back is a driving force in this regard. People may say they are only working 40 hours a week, but others have to work 80, 90 or 100 hours a week. We know that if we do not do it, we may not have the privilege of sitting in the Oireahctas to represent our constituents. We must therefore put in the hours and it does not really matter at the end of the day. One always hopes that one can stay and not go back to where one started from.

Senator Norris referred to yesterday's sitting of the Joint Committee on Foreign Affairs and the issue of war crimes. I will leave time aside for statements on this matter.