Ivor Callely (Fianna Fail)

If it is acting as a disincentive, the minimum rates should be revised downwards or parked until we are in a better position. This should be done in weeks, not months, and would help to get people back in employment. Moreover, commercial rates should be frozen and no new charges or cost increases by local authorities should be permitted.

The good news is that Ireland is a place in which to do business and is in the premier league. The World Bank report, Doing Business 2009, places Ireland in seventh place out of 181 countries, which is unchanged from 2008. We must not be complacent and must make continuing efforts to maintain and improve our rankings in this and similar reports. This is not simply to be able to feel good about a high ranking or an improved position but to be able to convince mobile investment that Ireland is the place in which to locate and to win the jobs that go with such investment decisions. In addition, all the countries with which we compete are reacting to the global crisis, making improvements in their economies and seeking to reduce the burdens on business. Therefore, standing still is not an option. We need a comprehensive programme to improve our competitiveness and reduce any and all regulatory burdens placed on business.

We need a banking system that can provide working capital and development capital to business and consumers. The proposal to move loans into the National Treasury Management Agency under a newly created national asset management agency, NAMA, is an enormous decision and dwarfs in its scale, complexity and risk all other matters raised in the supplementary budget. I have every confidence in the National Treasury Management Agency and its senior management who have shown their professionalism and effectiveness in previous challenges that have been entrusted to them. However, I believe taxpayers would like to see a very simple explanation showing the specific objective being pursued, the options available, including the possibility of a do-nothing option, the cost of such options and the benefits likely to be achieved for each option.

I believe a decision should not be rushed on the basis of the limited information available, the rapidly evolving nature of the economic environment worldwide and the scale of the risk that such a decision entails for this and future generations. We also must ensure our approach is supported and consistent with our EU partners. In the event that it proves necessary to transfer loans to NAMA, there are concerns regarding the valuation methods——