Larry Butler (Fianna Fail)

An alternative Government would have the same situation to face and actions to take. I am glad to see the House is in agreement on many issues this week on how the budgetary position should be tackled. I do not wish to be petty but in reply to Senator Alex White, the Government has improved the living standards of everyone, including the low paid, by way of the carer's allowance, increases in pensions, social welfare, education and sports grants. There has been significant investment in all these areas but there is a difficulty in maintaining it. We must, therefore, look at how we can continue to support the same people but with less money. When money is scarce, we need to obtain better value and savings will be needed in certain areas. To extend the process over a longer period would create problems for an alternative Government and result in extra interest repayment of €12 billion. We must grasp the nettle now and tough decisions will be required. Such decisions will not be pleasant but it is important they are taken for the future of the country, otherwise I foresee problems further down the line. It is our job, as legislators, to ensure legislation on mortgage measures is in place. That is the way to look after those who have mortgages. We must ensure the banks do not take us to the cleaners like they did in the past five to ten years, offering unrealistic mortgages. There is still sub-prime lending. People who would not be given a mortgage anywhere went to sub-prime lenders and now have them. Legislation should be enacted to cover not just our own banks but the entire banking system in the country. It is important we do this because that is our job, as legislators. I make that proposal — the legislation should come from this House in the first instance.