David Norris (Independent)

It is some years since I said in the House that those who gloated at the demise of communism in the Soviet Union might find themselves attending the obsequies of capitalism during their lifetimes. To a certain satisfactory extent, this seems to be occurring. Socialism is beginning to happen, but it is a forced conversion.

I welcome the fact that the Government has created a new asset management agency. I suggested this four months ago but it was something more radical. We will take over toxic assets valued at more than €90 billion, but I proposed the creation of a national property management agency. The Government has done half of this, but I wanted it to sequester the assets of the property speculators. I was told of a constitutional bar in the form of the protection of private property. I do not believe this because of the Constitution's governing clause, which covers the social and public good. No property speculator could go to the Supreme Court and argue that his or her private rights were more important than the welfare of the people. We should consider whether the speculators should ever get their money, because they should not. Will the Minister explain this issue?

I am disappointed that Moody's rating agency has re-rated our banks. As a result, there was a catastrophic 30% decrease in their share prices this morning. The Moody's and Standard and Poor's agencies should be examined by the international community because, after signally failing to stop the horses bolting, they have slammed the door in the stable boy's face at a particularly inopportune time. As it was not appropriate, governments should scrutinise and rid themselves of such agencies. In their place, an international independent ratings agency should be introduced.

We must ensure the people are protected. I am glad that Ministers of State are being winnowed out, but I would like a Minister of State to be appointed to look after the welfare of people in their homes and their mortgages. Due to the removal of mortgage interest relief after the seven-year mark, people will be unable to make repayments and there will be repossessions, which will lead to a downward spiral. We must look after the people.

I started to make a point yesterday. While we may reconsider major infrastructural projects such as roads, we cannot afford to halt maintenance. I am horrified to see that road maintenance will be abandoned. Frank Gallagher lost his beautiful daughter when, while on her way to Shannon Airport, she hit an inappropriate road surface treatment. In the Kentstown massacre, five schoolchildren were deprived of their lives because of an inappropriate road treatment and a lack of proper maintenance. It cannot be allowed nor can we cut back in terms of fire brigades. These matters relate to people's lives and welfare.

I look forward to tomorrow's debate on the budget, as I will have plenty to say. This time, I hope that newspapers and "Oireachtas Report" will cover this House and the good economic ideas held by many of us on all sides of the House.