Martin Mansergh (Tipperary South, Fianna Fail)

Thank God for that. We do not need any more bubbles. We need a tighter operation. At the same time, however, I also agree with his point that banks cannot and should not be compelled to lend to projects that simply do not stand up. We must be careful that in seeking socially desirable responses in return for the support that is being given to the banking system, not for the sake of the banks but for the sake of the country and the economy, we do not do things that defeat the objective we are setting ourselves, which is to get the banks up on their feet. This is being done on the basis that healthy banks and a healthy economy should go together.

It is easy to talk about reckless trading, as Senators Bradford and Norris did. Of course there was reckless trading and we certainly have not heard the last on that from the Office of the Director of Corporate Enforcement. At the same time, however, we cannot decide what to do on the basis of moralistic outrage. We must do what is in the best interests of the country. The public welfare is at stake. If it were just the welfare of a select few, that would be dealt with easily and disposed of, but it is bound up with the whole public welfare.

I do not agree with the suggestion that there should be a referendum on NAMA. We have had recent experience of two referendums on a pretty complex issue and the difficulties that entailed. We are talking now about something infinitely more complex in this case. We have a system of representative democracy because it is mainly for the Oireachtas to legislate and govern. Except where it is clearly provided for, I do not think that responsibility should be passed back to the people who do not want the responsibility of having to make a decision on something like that. That is what they send us to these Houses to work out and decide upon.

With regard to the question of allotments, my colleague the Minister of State, Deputy Sargent, is very interested in that subject. I am sure Senator Norris could raise that with him on the Adjournment. The Minister of State would be only too delighted to discuss that and I understand he is coming here shortly.