Jim Walsh (Fianna Fail)

If we spend the next few months debating the date of the general election and raising partisan political issues, we will do a real disservice to the Seanad and I am sorry to see this happening. The other side may or may not be in Government following the election. With regard to the issue of the Taoiseach meeting people, if the suggestion from the other side is that Ministers should be cocooned in their offices with exposure only to the permanent government in the public service, I guarantee the House that it would not reflect best policy formulation, as distinct from meeting people in the public who are involved at the coalface in business. There should be no criticism of this. It is a fair observation to make and a fair question to put when policy formulation is adopted as to the basis for it and that is what the debate should be focussed on.

I wish to make a point in reply to the comment made by Senator Bacik that the blanket guarantee in some way led to the current economic crisis. We should have a debate on this because I have heard this peddled by Opposition spokesmen who are either economically illiterate or mischievous. They should stand up what they are saying. The fact about the guarantee is while it was wide, the subordinated bondholders have been badly stung and the shareholders have been stung. The discussions with the EU may or may not lead in the future to a situation regarding the senior bondholders. Unless they are talking about the deposit holders being scorched as a consequence of the banking crisis - if they are, they should come out and say that - there is no further area that could have been hit with the guarantee. People need to face up to the component parts of the guarantee and what they would not have supported and this must be done openly and honestly. There is far too much populism. I saw it in the past and I criticised my party when we abolished rates.