Larry Butler (Fianna Fail)

I did not use any names. I referred to "the previous speaker".

It is important to acknowledge the grave situation of those who are unemployed. Over the next three years, we need to give them some sort of hope for the future. The way forward involves looking after such people as best we can, for example by making supplementary welfare payments. It is even more important to get them into training, education and other forms of upskilling. Perhaps they would prefer to get involved in community work than sit around. These are key issues. I do not think it would cost us much more to put in place a scheme of community work for these people so that they would be gainfully employed doing various things for the community. The many professional people who are unemployed, including solicitors, might be in a position to offer community advice. Accountants could help community organisations with their books. It is vital for us to ensure that certain skills are more beneficially used.

It is important to bear in mind that the Davy report stated that the Government's approach to banking is the correct one. It is important to listen to such people. If we were to take on board the Labour Party's proposal to nationalise the banks, we would have to consume all their debts. I want to know how the Labour Party has been able to balance that proposal with its intention to change the situation regarding the NAMA debt. I do not see any benefit in the nationalisation of the banks. The Davy report mentioned that some bonds have been sold on an auction basis, or a syndicate basis, which means private money is coming back in. Why would one not want to keep that system going? The same thing applies in the case of shares. Why would one take away the option of selling shares in the banks? Of course one would not want to stop more money from coming into the Exchequer. The share prices of the banks have increased substantially since they were recapitalised. We can see a paper profit in that investment.