Michael McCarthy (Labour)

The Government's policies on land speculation and tax incentivisation encouraged the behaviour that led to the development of the blackest hole there has ever been in the Irish economy. The bailout, if I can borrow the Minister for Finance's expression, is "truly horrifying". The Government does not have a policy on job creation and protection. I ask Senators to reflect on what €40 billion could do for job creation in this country. We are throwing money at the system. I sincerely hope it works as if it does not, the hole will get deeper, the mess will get murkier and we will saddle generations of Irish people with debt for years to come. Later this morning, the Taoiseach will be announcing the latest live register figures in the Dáil. Up until the end of February, they stood at 437,000. Many people on the live register are block layers, plasterers, carpenters, electricians and so on. These people depended on the construction economy, which was a bubble created by the Government. Those people will see no bailout. They are fighting to pay utility bills and to put food on their table, but there is no bailout for them. It is unconscionable that Anglo Irish Bank will get €40 billion given that it played Russian roulette with the economy and the people who ran the bank conducted themselves in a way that was ignored by those in the highest levels of the Government.

It is refreshing to hear Matthew Elderfield talk about the current financial situation in Ireland. He is somebody who will not take prisoners and who is not accustomed to the cronyism in this country. He comes with an objective eye and if he sees something that is wrong, he will attempt to correct it.

The taxpayer is being used and abused by this Government. It has let the banks off the hook and that simply is not good enough.