Ivor Callely (Fianna Fail)

I second the amendment to the motion, which was put forward by my good friend and colleague, Senator John Hanafin. I am happy to participate in this debate and I welcome and congratulate those who have tabled the motion. I am not sure whether there are other ways we can achieve the same results or whether there are better avenues we should travel to achieve those results.

All Members of this House would be united in their desire that this House and our Government would take the necessary steps to stabilise our financial institutions and secure the funding base. We all acknowledge that we must reboot our banking system and ensure the availability of credit and a fully operational banking sector.

There is no doubt it is very disquieting to look at the current state of our banking sector and financial institutions, and every day something new unfolds. People are inclined to jump on the bandwagon of a sensational media headline and are not prepared to allow due process. For a while, everybody in Ireland was blaming one man for the financial position of Ireland with no acknowledgement of the international and global difficulties.

I accept there is real hardship and deprivation across society and the public is rightly angry. This is not owing to the difficulties in one sector or another and there are many facets to the public perception and its reaction. Our banking and regulatory systems have been found wanting and business closures and job losses are escalating at levels not experienced in recent times. Unemployment is creating uncertainty and destroying self-respect. Our spiralling and out-of-control public finances warrant exceptional measures. There are new levels of security threats, as well as social and industrial unrest, which threaten the very foundations of the State.

The depressing state of Irish society is due to the anxiety of the Irish people about the direction in which our economy is heading. The public witnesses more evidence of job losses and economic and financial failures every day. Its view is that the position is deteriorating with no light at the end of the tunnel. There is a genuine call for resolution to our banking problems, economic revival, more job opportunities and a relaxation of the anxiety by the vast majority of people for the future of the country.

Some of this is stimulated by people in the Houses and other leadership roles, including the media. We must not underestimate the challenge ahead, and it is essential not to overstate our difficulties. Most importantly, we should remain positive in our ability to address these issues and succeed. In the unprecedented set of international circumstances that has emerged, it is our duty in this House to address the public's concerns and anxieties, restore confidence and bring the public with us in our resolve and belief in our ability to get ourselves out of this crisis.

I will send out a clear message from this side of the House. There is a determination and an ambitious Government programme to resolve. In global terms, Ireland is vulnerable and we have no special protection from the global economic and financial difficulties. This is not an easy time to be in Government but this Fianna Fáil-led Administration is determined, with every beat of our heart, to resolve our acute difficulties in the national interest. Ireland has been very successful in growth and development recently and we all have an awareness of what we have achieved. With our can-do attitude, we will do it again. I earnestly ask that we all get down to the task of getting our economy and financial difficulties resolved to get back on the road we successfully travelled in the past.