Jim Walsh (Fianna Fail)

Aontaím le morán atá ráite ar Riar na hOibre. When people refer to concealment, I watched Bloomberg television two months or so ago when that channel was discussing Ireland's position. Interestingly, its commentators made the point that Ireland was not as bad as some of the other European Union countries but that one mistake it may have made was to have been too transparent. It is interesting to see a different perspective on what has been done. The position undoubtedly is serious but we will come through this and an element of confidence must be restored both in ourselves and in the country. Although people refer to the bailout, in fact it is borrowing from the European Central Bank and the International Monetary Fund. While it is not palatable, neither is it viable to borrow at interest rates of 7% to 9%, which is what the market was indicating we would be obliged to do. Consequently, it is the lesser of two evils.

A number of things need to be done. While I acknowledge there have been reasonably good debates in these Houses, they have been sporadic and a little too short. The party leaders should come together and allow sufficient time for Members to make their contributions in a structured fashion, but that has not been happening. I agree with the call for a debate on the Croke Park agreement, which is essential. I consider that agreement to be the main component in the necessary correction of our fiscal position. I recently spoke to an economist from outside this State who had been involved in South American countries that were experiencing banking crises. He thought that what Ireland was doing in respect of banking was absolutely essential. He himself had been involved in establishing similar good-bad banks in other countries. We need to hit the bottom and to restore confidence as soon as possible. I hope this will happen from our present position.