Marc MacSharry (Fianna Fail)

Like previous speakers, I welcome last night's announcement that agreement had been reached in the pay talks. This is a momentous development, particularly in the light of the problems we have experienced in recent years. It was difficult for those who work in the public sector and their families to sustain the extremely draconian pay cuts imposed. I am pleased that there is now a basis on which we might move forward, for which the leaders of the various unions deserve our gratitude. While they are contemplating whether to vote for or against the agreement, I hope union members will be in a position to pull back from the current industrial action in order to allow normal working to resume. Perhaps the Leader could arrange for a debate on this matter at an early date in order that the House might assist the public sector in its deliberations on the details of the agreement. It would be remiss of me not to pay tribute to Mr. Kieran Mulvey who, in conjunction with his officials, has done an outstanding job in recent days. Everyone from the Labour Relations Commission deserves our gratitude.

Many have described today as a momentous day in the history of banking in this country. There is no question that this is the case and that substantial announcements relating to the investment of valuable resources owned by the State in the financial institutions will be made later. That investment is extremely unpalatable for all Members of the House and the general public. No one would wish to be obliged to do what needs to be done today. However, this does not mean that we can shy away from the necessity of taking the action required. In the light of the transfer of loans to NAMA, the recapitalisation of the various institutions and the great news relating to the agreement reached at Croke Park last night, we will finally be presented with a template which will bring about stability and act as a catalyst to encourage growth in the coming years. That must be welcomed by everyone concerned.

Will the Leader make time available for a debate on third level education? The number of applications made for university places this year is the highest ever. This augurs well for the future and it is incumbent on us to ensure there is an adequate number of places available for those who have made applications in order that they might assist with and build upon the nation's recovery.