Tony Killeen (Clare, Fianna Fail)

The conclusion that everything should have been left as it was for any new banking regime does not stand up to much scrutiny. Senator Bacik knows this as well as I do.

The reports highlight a number of mistakes. We have faced up to this fact, particularly in a number of speeches made by the Taoiseach and various Ministers in the Dáil. There were mistakes made in the system of taxation and in our reliance on a regulatory system that was exactly the same as that in place across western Europe and the United States of America. The practice of light touch regulation was international, not just national, and it did quite a bit of damage. Our banks depended to an extraordinary extent - far too much - on wholesale funding. That money was available at such low interest rates was a significant driver of the construction boom and other investment initiatives that had not been well thought out or solid in the long term.

With the benefit of hindsight, the management of individual banks was of an extraordinarily poor standard. Whether it was of the level that required intervention by the justice authorities is a question that remains to be resolved. At best, it was negligent and fundamental errors were made in individual banks. Regulatory controls were found to have been inadequate and have been replaced. The raft of new personnel brought in have considerable international credibility, but it is important to bear in mind that they also have a high level of credibility with the people.

One of the challenges for the political classes, in particular parliamentarians, is to establish credibility with the people, a fundamental tenet of democracy. While there are disagreements between various parties over style, the Opposition parties are making a serious mistake that they will rue if they are ever in government, namely, in thinking the Government does not have a mandate. The mandate of the Government is set out clearly in the Constitution and some legislative provisions. The Constitution sets out the way in which Members of the Parliament are elected, their role in choosing a Taoiseach, the role of the Taoiseach in choosing a Government and the Government's term. Any action taken by a legitimately elected Parliament in choosing a Taoiseach who picks a Government is legitimised by the Constitution and remains legitimate for the entire term of that Government.

In the not too distant future other parties might be in government and within a short period outside interests will accuse them of having reneged on the promises they made when in opposition. As it occurs every time, it is likely to happen next time. I have a particular concern that the erosion of the primacy of Parliament and the constitutional role of the Government which has been continuing apace and fuelled by the unhelpful statements of politicians, although not to the same extent as comments in the media, is a dangerous road to take. The Seanad is one of the Houses of Parliament to which the Government is responsible. Individual Members have a particular responsibility that needs to be differentiated from what commentators might choose to say in their contributions.

It has been a failure in the recent past - it was not the case when I first entered the Dáil 18 years ago - that we are now prepared to run with the fashion of the moment and, in so doing so, denigrate the role of Parliament and the constitutional role of the Government. Sometimes we lazily dispense with the responsibility of Parliament to hold the Government to account. We lay it aside and replace it with soundbite politics. The temptation to do this is considerable, as we all know what we need to say to receive coverage in the national and local media. That should not have primacy over our responsibility as parliamentarians to come forward and put as balanced a view as possible despite disagreeing fundamentally and philosophically with Members from other political parties. All of us have a level of responsibility as parliamentarians, which in my view is a sacred charge not always well discharged by myself, and sometimes very poorly discharged by some people. This is something we need to reflect on and consider where we stand.

We also have a responsibility to give people a relatively balanced view, while admitting that of course things might have been done better and perhaps even conceding that had the Opposition been in Government it might have done better. However, people should at least be given an overview which shows that ultimately the challenges we currently face in terms of the repayment of the debt at the worst level, in 2014, will be at about two thirds the level taxation was at in 1985, or perhaps even less, and to show the country has the capacity to deal with this. It will need to be shown, as the main Opposition party says, that if a €6 billion adjustment is addressed for the 2011 budget, that this helps rather than hinders in getting to the €15 billion that all the parties in this House agree with, and reaching the 3% target at that time.

The value of this is that it shows the real pain that the vast majority will experience over the next three years will have the result of returning the country to a stable economic situation while simultaneously delivering a level of growth in jobs, some of them in entirely new areas of the green economy, some in traditional areas and some, very significantly, providing opportunities for people who two years ago were earning large sums in the construction industry. Such people, in the event, have shown a capacity for work, and an ability to retrain and be among the best workforces in the world. We should not have to remind ourselves that this is the case, and we have the capacity to perform at least as well as anybody else.

I am pleased to support the amendment and to outline some of the steps the Government has taken to try to address, in as honest a manner as possible, the points made by the various Senators. There is a responsibility in these Houses of representation on behalf of the people, and it is one we should hold among the highest of considerations in a debate such as this.