Paschal Mooney (Fianna Fail)

It has become apparent that those in the banking sector acted recklessly, even to the point of criminality. I accept that the common law system which operates in this country can be slow. Equally, however, it is methodical and under it, those to whom I refer will eventually be brought to book.

There have been populist calls for what the Americans term "the perp walk". People inquire how the United States was able to deal so quickly with the Enron disaster and various pyramid schemes. The US authorities are swift in identifying culprits and marching them off to the courts in front of television cameras. The US judicial system is completely different from that which operates in this country. I have every confidence that those people whose behaviour gave rise to the economic difficulties in which we find ourselves will be brought to book. The Government has made it clear that this will prove to be the case.

Confidence on the part of the markets is, in large part, determined by the degree to which the Government is seen to be successfully implementing a recovery programme. This confidence is a critical factor when determining the cost of our borrowing. It must be remembered that every cent paid in interest is one cent less available for schools and hospitals. Any signal to the markets that we do not have the will to take the pain that recovery demands will lead us to suffer the same fate as our Greek cousins. That is why the Croke Park agreement which represents a return to social partnership in the broadest sense is vital to our recovery.