Paschal Donohoe (Fine Gael)

This is just the start of what we need to develop as regards a banking system that is capable of dealing with the next earthquake on the way, namely, the amount of household and corporate debt in the country. I believe we are underplaying our hand and not dealing with this well in welcoming what is a statement of intent from an organisation whose members have received unprecedented support from the taxpayer.

My second point is about the social partnership discussions, as touched on by some of my colleagues. I want to emphasise that I do not want an outcome from those discussions to be a decision in relation to the levels of taxation I pay. I am not represented in the social partnership discussions. The unemployed are not represented in them. I want the Minister for Finance to make the decision about the levels of tax I pay, not Jack O'Connor. For too long we have confused the role of social partnership with the role of Government. It is the job of Government to govern. That is what it is there for.

I conclude by asking the Leader for a debate on the European Commission's statement as reported this morning on the end of the so-called adjustment period for dealing with our national finances. That was a momentous decision and announcement made by the EC. I want the Leader to clarify what was said to the effect that our adjustment period will continue from 2013 to 2014. What does that mean, as regards the levels of change that needs to be made in relation to the national debt? Will he say why that statement was made in the run-up to a budget?