Alex White (Labour)

The Opposition is seeking the kind of scrutiny and examination necessary and, ultimately, wants those responsible for causing the difficulties that have arisen to be prosecuted. I use the term "prosecuted" in the broadest possible sense. I am not merely referring to criminal prosecution. As a society, we are entitled to apportion blame. People should not be apologetic and state we should not look backward or engage in a culture of blame but rather should look to the future. I am principally interested in what happens in the future. I would have thought that, of all people, the Minister of State would agree that it is not possible to do anything about the future if one does not have some understanding of what happened in the past. This applies equally to the banking system and the Government's failure to regulate it. We are entitled to lay blame.

The way to move on is to carry out a proper and convincing analysis of what happened in the past. This would allow people to understand what happened and have confidence in the future. Such an analysis has not been carried out. I accept that due process must take its course, but there have been incredible delays in bringing people to book. The Minister of State referred to a number of legal and constitutional obstacles and I am of the view that there are more of these than has been indicated. I am also of the view that the Government is perhaps beginning to contemplate these obstacles. If the latter is the case, perhaps the Minister of State will indicate whether we should be addressing these, either through the introduction of legislation or by moving to address the constitutional issues that arise.

Each day one hears anecdotal evidence of properties being disposed of or of their being transferred into the ownership of spouses or other family members. The country is rife with such stories. In my other occupation I was visited by ten or 15 people who were recently in the employ of one of the failed building firms in this city. Those to whom I refer are young men and women who have young families and are down €5,000, €7,000 or €10,000. They need the money to which I refer in order that they and their families might survive and they are aware that their former employers still retain certain assets. I do not want to be specific in this regard, but I might be on a future occasion. The individuals in question can see that the companies by which they were previously employed still have assets at their disposal. Can Members imagine the frustration to which this gives rise? Can they understand how the people in question feel, particularly in the context of their helplessness and, in fairness, that of the system to recover these assets?

We have in place a regime for dealing with receivership and liquidation. However, we must address these issues in the context of the circumstances in which individuals and families find themselves. The latter perceive there is a complete absence of justice with regard to the way the matters to which I refer are being resolved or addressed. If there are legal and constitutional obstacles, I would be extremely interested to hear the Minister of State elaborate on them. Perhaps the Government might return to the Houses with more refined thinking on possible changes to the law which it might be necessary to make. Even if we cannot assist the people to whom I refer, perhaps matters might be changed in order that others might not find themselves in the same position in the future.

There is an ongoing debate on Anglo Irish Bank and whether there is a basis for making a move in respect of its senior bondholders. One of the difficulties with which we must grapple - again the Minister of State merely touched on this matter and, as in other instances, quickly moved on - is the complete absence of a reliable statutory resolution mechanism to allow us to deal with banks which fail. We should develop such a mechanism in order that we might use it in the event of a bank failing. We ought to have such a mechanism. It is many months since others and I first raised this issue in the House, but all the Government states is that this is a matter which it will address at some point. The Minister of State did not exactly state this issue is not relevant, but it does not appear to be high on the agenda. It ought to be high on it. Therefore, I ask the Minister of State to comment further on it.

The budgetary position has brought about the shock and debate from recent days. It is a debate in which we are all engaged and I am involved with the discussion in my own party. All politicians and people concerned about the future of the country will engage in the discussion in the next few weeks. I thought at one stage in his speech I heard the Minister of State say that the stabilisation of the public finances is encouraging, and I believe this is a stray phrase that got into his speech from somewhere else.