Ivor Callely (Fianna Fail)

Senator Regan indicated there was a difference between what the Taoiseach said and what was said by the Minister for Finance. To those who wish to go down the track of the blame game, seeking to catch Government out by throwing a banana skin here or there, I say, "keep at it".

I believe the public recognises the seriousness of the situation we are in. There are people who are engaging in the blame game and pointing the finger saying "It was them". However, I will bring this debate a little wider than the national issue while recognising that there is a national issue. I believe we do not need the reports before the House, although it is encouraging that the IMF report in particular sings from the exact same hymn sheet as the Government, which is commendable and should be recognised, endorsed and highlighted.

The International Monetary Fund report refers to the global shocks and states that Ireland's position was especially vulnerable and that the impact on us will be sizeable. It refers to the rapid progress on bank restructuring and states that the Irish authorities have taken important steps to stabilise their financial systems. Interestingly, it states that the proposed National Asset Management Agency, NAMA, is potentially the right mechanism to separate the good from the bad assets. We all know we are in uncharted territory in terms of NAMA and whether it will do what we hope it will do. In this regard, we would all wish to have a crystal ball. What gives me hope is that when we set up the National Treasury Management Agency, NTMA, a number of years ago we were not then sure how it would work. We, as politicians, have failed to congratulate the NTMA, through Mr. Somers and his team, in particular Mr. McDonagh, who have done tremendous work in that agency. I believe NAMA will be as successful as the NTMA. That is my view. The IMF report sends out the clear message to those players not on the Government benches that the Government decisions to date have been correct.

I say to Senator Twomey, whom I appear to be upsetting a little, not that that worries me, that the Fine Gael fairytale response-----