Alex White (Labour)

I hear voices opposite again showing this wishful thinking as if one can talk it back into existence. Social partnership is at an end, as stated by the parties involved, not me. By its meaning, partnership requires people who want to work together while supporting, not undermining each other. It is simply not possible to talk social partnership back into being when one cuts the wages of persons earning €30,000 a year. It is just not feasible to wish that those who have faced wage cuts and levies would come back to the partnership talks table. It will require more direct intervention by the Government to turn this around. I hope it can be done but I have not seen much evidence of this as yet.

Senator Ó Brolcháin criticised Senator John Paul Phelan for claiming the finance Bill contained little by way of an employment creation stimulus package. He said one would not find such a package in a finance Bill but elsewhere. However, the finance Bill is the most important annual economic statement of the Government. Since yesterday's Cabinet reshuffle the Taoiseach and Ministers have been saying it is all about jobs and because the function is so important it will be spread across three Departments, not one. One cannot separate employment policy from the central economic policies as set out in the finance Bill.

The area which demonstrates the greatest wishful thinking – the real wishing well of our public discourse on the economy – is NAMA. Its advocates cannot persuade people it has worked because we do not know if it has yet. While the legislation has been enacted and some loans are being transferred, we do not know whether it will achieve its objectives. NAMA's advocates on the opposite side claimed it would ensure credit would flow again in the economy. In recent weeks, however, we have been told the International Monetary Fund invoked early on in favour of the Government's proposals stated it did not believe the agency would get credit flowing again last summer, a fact only revealed recently on foot of a freedom of information request. I accept any government will bring forward arguments which suit its position and conceal those that do not. However, there is a limit to the extent to which a democratic government should be permitted to do so, particularly when it is dealing with the economy and the finances of the country. The Government must level with us on all aspects of policy formulation on the economy. It is not acceptable for it to withhold information and advice given to it at the time of the introduction of the NAMA legislation.

I am delighted the accepted Report Stage amendment of my party colleague, Deputy Burton, has survived in the Bill, even though it looked a little rocky for a while. I also genuinely welcome the fact that the Minister, after his initial bout of uncertainty, agreed to accept the amendment. His Seanad recommendation will alter the period involved from one month to three, with which there will be no difficulty. It is important the Government shares with the Oireachtas, and through us with the public, the cost-benefit analysis of the tax expenditures provided for in the Bill. It is extremely important. When we examine the incentives and measures introduced in the past ten to 15 years, we must analyse them and assess whether it was correct to introduce these measures in such a profligate manner. It is correct that we have a mechanism to assess the expenditure, particularly in areas where we are forgoing tax and giving people an opportunity not to pay tax for a prudential reason or a good developmental reason. We should run the slide rule over these schemes publicly so the public can see what is happening in its name.

Returning to the theme of hope and acting positively, I attended an important event on Sunday. The Dún Laoghaire-Rathdown County Enterprise Board teamed up with the Dundrum Credit Union and introduced a scheme to extend lending to small businesses in the catchment area of Dundrum. This is being done in a prudential way, with great care exercised in how the credit committee makes decisions. It is a step of great importance by people in a community where there are assets that could be used more than they are being used. The credit union movement has a wonderful history and track record as a people's lending agency. It can now team up with the local enterprise board to see what it can do to make a contribution to providing lending to small businesses. Credit unions do not have a history of extending lending in that direction. That is an important gesture and an excellent development. I ask colleagues to consider this area. Important regulatory issues must be considered but we sometimes forget there is an enormous resource in our communities that allows us to make decisions and judgment calls on people's ability and willingness to bring employment to their local areas and turn around this dreadful situation. I welcome the Minister of State to the House and look forward to debating the details of the Bill on Committee Stage.