Eugene Regan (Fine Gael)

Today's ESRI report refers to extraordinary figures of 12% unemployment, gross domestic product falling by 9% and the national debt at more than 55% of gross domestic product. What is most frightening about this is that it does not take into account the cost associated with the creation of NAMA and the taking over of toxic assets from our commercial banks. We will have a debate later today on this but the Government must be forthcoming with regard to the real cost of this operation.

Senator Boyle stated earlier that debate on the economy is a bad thing because people are watching. However, we have had quite a number of debates in the House on the banks. Over a series of a months there was a denial by the Government that recapitalisation was necessary. There is still a denial that nationalisation is necessary at this stage but many, including Dr. Alan Barrett, one of the authors of today's ESRI report, argue one might as well go straight away to nationalisation.

There is a point that overall adversarial debate on the economy can be a bad thing. What have the Taoiseach, the Minister for Finance and the Government, however, done to endeavour to secure a bipartisan approach on the economy, the banks or the state of the public finances? No joint Oireachtas committee has been asked to look into these matters. No finance committee has been established to examine them. There has been no reaching out to the Opposition to have a formula or expert opinion brought in to adopt a consensual approach.

No Member on this side of the House has been adverse to such an approach. The Fine Gael spokesperson on finance has frequently requested such. Consensus is possible and important. However, the Taoiseach has said on numerous occasions that the Opposition talks while the Government makes the big decisions, as if it were the brightest pupil in the class.