Marc MacSharry (Fianna Fail)

I join other Senators in asking the Leader to arrange a debate on the economy so we can discuss a number of issues, including the most recent ESRI report which I agree is shocking. However, in the seven years I have been a Member of the House I do not recall there being as many debates on the economy or on economic issues as in recent months. It is important we are having so many debates given the very serious crisis at present but if one is following the financial markets and financial matters, there are probably about two reports per day, either national or international, that affect the situation. We should accumulate them and debate them fully. Thankfully, as a result of changes to the Order of Business, if more serious issues arise, we have an opportunity to raise them each day.

Much is happening. I look forward to the debate on the National Asset Management Agency, NAMA, this evening. It is important that all Members have an opportunity to discuss it. I have read the amendments proposed by the Labour Party and the proposal from Fine Gael. There are good measures in them, as there are in the proposal for NAMA. I believe that, in principle, it is the template which will begin to lead the world economy through the toxic debt issue.

As Senator Boyle said, many challenges face the world. There was an over-dependency in this country on tax revenues from the property business. We know that and, if it helps, I am sorry about it. Do not forget, however, that when we were spending those resources on public services, which I agree we can no longer afford to provide, the Opposition was calling for increased expenditure on other issues. Senator Hannigan calls for appropriate expenditure on the Garda. I want more money to spend on everything, not least my constituency in the north west, but that is not possible any more. We must live in the real world. The international situation is far different. Even the revered IMF revised its position in its most recent forecast compared to its January outlook. The ground is continually moving and we must move with it and be honest with ourselves.

It would be worthwhile to have a debate on the HSE. As Senator White said - I mentioned this many times previously - I am not entirely happy with an organisation having control of 17% of the country's tax take this year. Unlike semi-State bodies such as Bord Gáis, it does not have a commercial mandate and we must consider revising that situation.