Fiona O'Malley (Progressive Democrats)

I am glad to have this opportunity to speak on the economy because much has happened over the summer, both good and bad. Some of the signs are a little better. However, I will talk first about NAMA which is a necessary evil in that we needed some mechanism to provide liquidity in the banks. It was a case of having to call a price at a certain time in order to lance a boil, in a sense. Because the key to a sustainable economy is a good banking system, it had to be done. The solution arrived at by the Government is commendable. If the Government misses its projections by 10% up or down on the figures it calculated, and it may have over-valued the assets by 10%, even if that transpired to be the case in five or ten years, it was a risk worth taking by the Government for the nation. What we have had up to now has been utter and total stagnation. The economy cannot sustain that. We had to come to a point where a price was called and we moved on. Hopefully, transactions and business will be conducted again. What is proposed is a necessary evil that had to happen given the circumstances in which we found ourselves. I hope we will have a constructive debate as the legislation goes through the Dáil and comes to this House and that Members recognise that this is the solution we have because the Government is proceeding with it.

Irrespective of whether one cares about the economy, what the international markets think of the solutions the Government comes up with is vital for this country. I found it lamentable to listen to the Leader of the Opposition in the Dáil last week deplore the fact that bank shares went up the day following the introduction of the legislation. This is a man who wants to present himself as an alternative Taoiseach and he deplored the fact that bank share prices increased. I found his reaction confused and disgraceful. If banks shares had gone down, there would have been a run on the banks and we can imagine what would have happened. Is that what would have made him happy? People need to be careful.