Paschal Donohoe (Fine Gael)

I support my colleagues in their request for a debate on banking and the future of our economy, but I wish to relate it to what is happening in Greece at the moment. On a number of occasions over the last few weeks, I have pointed to the developments in Greece and the profound implications they have for our country. What we can see happening in another country is what should be apparent to us regarding where Ireland stands at the moment. In other words, the economic security of another country is under threat, but that is also the case in our country. If we consider what dominated politics over the last number of years, particularly before the Celtic tiger descended on us, we will realise it was the national question. The national question then was the future of the North, but the national question for us now is how a small, open economy that built its success upon integration with the world economy will survive when the tide of globalisation goes out. We saw the symbol of this yesterday when Halifax announced it was leaving Ireland.

The tide of globalisation upon which our country is floating is receding. International companies and banks are considering their national markets. The course of action that Senator Regan correctly outlined for Bank of Ireland and AIB is exactly what Lloyd's is doing. Our challenge is charting the route to safety for our country and navigating our way there. I humbly suggest that we establish the value and validity of political life by answering that question and delivering action, rather than by debating it continually. That is the way in which we will establish the relevance of political life. We will rise above the personality-based rubbish of the last couple of days, establish the role of politics, and answer the new national question that our country must answer in order for its security to be protected.