Jim Walsh (Fianna Fail)

I concur with Senator Quinn. Given all of the negativity in the media on a daily basis, it is good to see people responding positively. I am confident that the spirit of the people will emerge in due course to lead us back onto the road to recovery.

I support Senator Ormonde's call for a debate on Seanad reform. However, I would go further because there is a national emergency. Surely we have learned from what happened in the past decade that we need to provide for greater political oversight. We should, therefore, broaden the debate to include political reform generally.

In regard to the parties which claim our discretion has been circumscribed because of the arrangements made in respect of the IMF, the European Union and the ECB, does the Leader agree that, in fact, the agreement puts a ceiling on the interest we will pay on borrowings and that our discretion has not been impaired? It will be open to any Government, including the current Administration, to borrow in the markets when the rates are appropriate. I welcome the deal and, while the interest rate payble has been criticised, it was predicted last week that it would be 1% higher. The Governor of the Central Bank has clearly explained why the rate was pitched at 5.8%. While there is a great deal of obfuscation and negativity, will the Leader agree, although I have been critical of some of the pro-cyclical budgetary and taxation policies pursued in the past ten years, that in investing in infrastructure, including the road network etc., in reducing the national debt to a very low level and in putting money into the National Pension Reserve Fund, was a good idea? Will he Leader agree also that it would make no sense to leave money in the fund on which we would receive an interest rate of only 1% and to borrow money at a rate of 5.8%? There will be nothing to stop a future Government if it has good ideas on investing in job creation and providing a stimulus for the economy from acting in that regard. Many economists would disagree and say that would be a foolish approach to take because of the openness of the economy. Will the Leader agree that what we have done in this arrangement seems to be the most prudent course to take in all the circumstances in which we find ourselves?