Eugene Regan (Fine Gael)

Smothering debate on the economy has cost the country dearly. Before the previous general election anyone who spoke about the economy was accused of talking it down. We all recognise we have a serious problem. Senator Leyden is suggesting that we do not talk about the economy again in case we interfere with the Government's actions in this area. The fact is that the Government is still in denial. The IMF report shows a much deeper cost of restoring the Irish banks - €34 billion is the figure now when it was €24 billion in April, which was the figure in the IMF report. The Taoiseach questioned the correctness of the report. Now the Minister for Finance says it is fair. It is for us to point out such inconsistencies in the Government's policy on the economy. It is important for the Government to stop the denials. For every report that comes out there is a soundbite which is either based on inaccurate figures or claimed as an endorsement of Government policy. It is quite the contrary, however. The IMF report clearly says that NAMA was "potentially" the right mechanism to separate good assets from bad ones. It is not an endorsement of the Government's approach. It provides for quite a number of measures that the Government must undertake to ensure NAMA will work. It may potentially be the right mechanism but I have no confidence in the Government being able to implement that strategy correctly.

The IMF report also underlines the Government's strategy on expenditure and tax cuts. Fine Gael has been to the front in pointing out the inconsistencies in these areas in recent budgets. The IMF endorses the Opposition's position on public finances, including expenditure. We should have a truthful debate on the economy without trying to smother discussion on the facts of the situation.