Darragh O'Brien (Fianna Fail)

I am pleased I have the support of Senator Norris on the matter. To be serious for one moment, these ratings agencies have vested interests, of that there is no question. Over the past two or three years many of us have raised the issue and it has been raised in the European Parliament. The European Commission, the European Parliament, our MEPs and Ministers from all countries have stated that we must tackle the power of ratings agencies such as Moody's. I note a comment today from Michel Barnier who stated that he would propose stiff measures in November to curb the power of ratings agencies. That is far too late. Moody's, Fitch and Standard & Poor's are the same people who hopped around like door-to-door salesmen with US sub-prime debt in the months before the bust awarding such debt AAA status.

These people are controlling the future of Europe. A crisis is coming down the tracks. I wish the Minister for Finance and the Government well. It is unfortunate that when the European Parliament President, Mr. Buzek, was here, he did not answer questions on the European Central Bank rate. The bailout rate pales into insignificance compared to what Europe will have to deal with in this regard. Those in Europe are fumbling in the dark on this issue. They must get control of the ratings agencies. There is a grave situation in Italy and Spain. People are effectively betting against the euro. It is outrageous of the European Commission, the European Union, successive Governments here and all Governments in Europe to permit a situation whereby private vested interests such as Moody's, Fitch and Standard & Poor's have this type of control over the financial stability of the citizens of the European Union. What representations have the Minister for Finance and the Taoiseach made at European level with regard to this serious issue?

What is contained in the programme for Government in respect of the protection of social welfare allowances for our elderly, in particular the protection of fuel, electricity and phone allowances, which, we learned today, there will be a €65 million cut in? What was agreed in the programme for Government? Was it agreed that there would be protection for the most vulnerable and our elderly, which we all seek? Is it Government policy to proceed with €65 million in cuts in fuel allowances, welfare and telephone allowances for our elderly?