Alex White (Labour)

He usually states things reasonably clearly but many of his colleagues do not. There is an attempt to spin this matter even in some of the arguments from my colleagues on the Government benches who say it is good for the National Treasury Management Agency, the Government and so forth. It is not good that we must dip into this pension contingency fund. It is terrible that we have to do it and why do people not honestly say so instead of trying to suggest that it is fantastic and will be great for everybody? It is a disastrous thing to have to do.

It is in a line of emergency measures the Government has had to introduce repeatedly in the Houses owing to our current situation. My colleague, Deputy Burton, has stated that according to her count, this is the ninth measure the Government has attempted to take or purported to take to deal with the banking and credit crisis in this country. On most occasions when an action is taken by the Government the other actions that are ruled out at that time are subsequently taken. Last September, for example, there was not going to be a recapitalisation because it was deemed unnecessary. There was also going to be no nationalisation of any banks. A mini-budget was categorically ruled out in the words of the Minister for Finance. He said there would not be a further budget.

I accept times change but we are all intelligent enough to be able to absorb honest language and commentary from the Government that makes sense. Stop trying to spin things. Stop trying to turn bad, difficult and in some cases wrong decisions into great things just by the use of words, as has been attempted in the last few minutes in this House, because they are not.

Is today the date on which the famous committee is due to report on bankers' salaries? I wonder what will emerge from that. I regret that the amendments introduced in the other House relating to the capping of salaries were not included in the legislation. I also regret that the legislation does not make it necessary for the Government to return to the Houses if it requires more than €7 billion. I will certainly support the amendments tabled by Senator Twomey that reflect the issues raised in the other House by my party.