Donie Cassidy (Fianna Fail)

I welcome the Minister to the House and I congratulate him on his appointment. He is a long-standing member of the Oireachtas and it is hoped his experience and expertise can be used in the interests of the people of Ireland over the next five years. I wish him well. I congratulate the Government and the Taoiseach. The people have spoken, as the Minister stated, and 55% voted in favour of the present Government and for change. This is what the programme for Government is about. It is good on identifying the broad areas which must be prioritised, with the achievement of economic recovery being by far the most important. This is to be welcomed.

Our economy can and will recover. It retains key strengths and enormous potential which can be realised in the years ahead. As someone who has a background in the business world, the potential hinges on confidence and hope. I must emphasise that the success or failure of the next five years will be decided in the 100 days in which the Government has an opportunity to bring forward its massive programme of change. At present, 53% of Irish people have no disposable income and are very heavily in debt while 47% of the population save 12% to 14% of disposable income, amounting to €94 billion in savings. We must encourage these people and give them the confidence to start spending and letting loose part of those savings of €94 billion.

The economy hinges on making money available to SMEs from banks. More than 800,000 people are employed by small and medium-sized family businesses in Ireland but these businesses are being starved. This is the third year of the downturn. During the first year overdrafts were taken up by SMEs, and during the second year family savings were spent on keeping businesses going. This year there is nothing left and the Government must make the banks realise that if they do not play their part in ensuring the continued employment of those 800,000 people there will be a race to the bottom in job opportunities and in continuing to keep existing jobs. This is one area that must be addressed as a matter of urgency. A definite portion of whatever we give the banks, perhaps 20% of 25%, should be given to SMEs and those who have been giving employment for the longest time.

Senator O'Toole addressed the House on the issue of energy, most of which covered the notes I had made for my speech. Wave power, wind power and our geographical location leave us in a very advantageous position. The opportunities available to us to become exporters of energy in the next seven to ten years are mind-boggling. It is a no-brainer when one considers the billions of euro we spend every year importing oil. I support the call of Senators today for foreshore legislation which is urgently needed to allow this to happen. Senator O'Toole called for geothermal legislation and this is crucial. These Bills should be fast-tracked to give the private sector the opportunity to provide us with the massive energy export potential of which we know we can avail.

The programme for Government can and must be reviewed by Seanad Éireann on a yearly basis to see how it is working, how it will be changed and how the House can make proposals to help the Minister, the Department and the Government in the national interest. The electorate has spoken. Given the new, energetic movement behind Ministers because of the massive vote of confidence placed by the people in the Government for change, I look forward to it being made happen in the first 100 days, so Irish people can get back to work and we can start to be a productive, positive nation again. I welcome the role played by the media with the new Government and how positive they are in giving the Government a chance. They too can encourage citizens who have deposits to have the confidence to start spending them again in the national interest.