David Norris (Independent)

I welcome the Minister of State. This debate demonstrates the irrelevance of the Seanad to financial matters. We are basically neutered by the Constitution. Only one Member of the House, Senator Twomey, has tabled a handful of recommendations. We are not even allowed to amend the Bill. This reveals our lack of significance with regard to financial and economic matters.

However, the debate at least offers me an opportunity to put certain matters on the record. I am not innately antagonistic to the Government and say "Well done" on successfully floating Government bonds. This was an interesting indicator of some degree of resurgence. NAMA is another interesting development. I understand that Accenture plans to relocate its headquarters from Bermuda to the IFSC. I would insert a caveat, however, because I understand that only ten jobs will be created by the move. That does not suggest significantly increased activity. Once again, it may become another financial black hole.

Senator Hanafin quoted Dickens and the words of Mr. Micawber with great accuracy. However, he was less accurate when he said we were recently near a banking crisis. There is no question that we were actually in the middle of a crisis but I do not think we took the correct response. Internationally, this crisis was precipitated not only by underlying systemic failures and greed but also by Bush's decision to let Lehman Brothers go to the wall. However, I think we should have let Anglo Irish Bank go down because, in my humble opinion, we do not have an obligation to international investors. Money has not been freed up and we do not know how much will be spent on it. I recently interviewed on my radio show Pádraig Ó Céidigh, the chief executive and owner of Aer Arann. The airline has an annual throughput of €100 million but he cannot even raise €100. That is astonishing.

We must consider the effect of this on people. A recent episode of "Prime Time Investigates" reported on people who are losing their homes to these very institutions. Mr. Jerry Beades, who is a Fianna Fáil builder and a decent man as far as I know, was struggling to continue his work but had to let people go because of the unavailability of credit. It was heart-breaking to see these people being told the news. At least he confronted the situation in a manly fashion and addressed these men face to face.

The principal reason I wished to speak is the social welfare budget. I spotted a gap due to the lack of photographic identification which I gather has been resolved as a result of my intervention. However, I wish to highlight the increase in the tenant contribution. This comes on top of an 8% reduction which was kept very quiet. What about older people and single men who are less educated and vulnerable? They received letters from the Department of Social and Family Affairs which they were advised to show their landlords. That is astonishing impertinence.

I have received a letter from a well-educated professional man who is temporarily out of work. In January, after negotiations and without waving the Department's letter, his landlord decently agreed to reduce his rent by 15%. However, when he had to apply for rent allowance in March the community welfare officer was totally unhelpful. The budget contained a decrease in the rent allowance which effected an increase in the weekly contribution from €18 to €24. This might appear marginal but is significant to a person in receipt of €204 per week. To my correspondent's considerable shock, a further decrease in the allowance of 8% was imposed. This was unexpected and never went through. The letter my correspondent received from the Department reminded him of a "Prime Time" programme on people living in substandard rented accommodation, the majority of whom were isolated and ageing men. He asked what stability, surety or peace can be afforded to the most vulnerable in our society if the Government can without notice or approval reduce social welfare payments.

I salute Senator Hanafin and strongly support him in his efforts to reinstate the Christmas bonus. I refer to my good friend and north Dubliner, the Minister of State, Deputy Haughey, whose father I remember well a as a man of varied qualities, some good and others not entirely so. He will be remembered forever as the man who introduced free travel for elderly people. Throughout his career he looked after those vulnerable people and I ask the Minister of State, as his father's son, to tell the Government not only is reinstating the Christmas bonus the right thing to do, it would also be good for Fianna Fáil.