Donie Cassidy (Fianna Fail)

Senators Cummins, O'Toole, Alex White, Leyden, Bacik, Hannigan, Healy Eames, MacSharry, Norris, Regan, Buttimer, Quinn, Hanafin, McCarthy, Coghlan, Ross and other Senators have again highlighted their concerns in regard to the banking dilemma in which we find ourselves.

The Irish people have been a resilient race for many generations. In the time I have been around, I have seen at least three downturns in the economy. On every occasion, the Irish people came back and proved to the world their massive ability. The fact is we have had huge success in our lifetime, if we look back on it. Never could we have imagined the success our country has had, and the younger generations have had, in the past 12 to 15 years. We must acknowledge that a huge amount has been achieved. We have all lived to see it, we have all participated in it and we have played a part, as legislators, in assisting Governments of the day so that this could happen and that the correct policies were in place for it to happen.

However, there is currently a world downturn. We are no exception and certainly we are affected. As I said in the House on Tuesday, 80% of the produce of the farming community must be exported and 31% of all exports are from agricultural produce, whether beef, cereals or otherwise. Given our status as an island nation, energy costs, which have been highlighted by many colleagues, are vital. An opportunity has now presented itself, with Bord Gáis coming in with reductions of 10% and 12%, and 14% for those who are customers. Last Friday in Mullingar the Taoiseach instructed the regulator to ensure the ESB reduces its charges to the consumer by 15% in the next month or two. That represents a reduction of almost 30% in energy costs. Progress is taking place in areas affecting those most in need. That is why the contributions of Members in the Dáil and Seanad on the Order of Business are invaluable. They highlight the concerns of constituents on a daily basis and we can pass on these serious concerns and views to Ministers and Departments. I have heard Senator Ross outline to the House his serious concerns and he has significant experience in the field of finance. I have also heard concerns from those with legal qualifications on the Opposition side. There are three legal people on the Opposition benches. We are all aware that the majority of those in the Law Library are not on the Fianna Fáil side.