David Norris (Independent)

I support Senator O'Brien's comments on the rating agencies. I have raised this issue over the past three years. They are a corrupt conspiracy and commercial offshoot of the New York Stock Exchange. They do not seem to understand the very basic principles of law, such as a conflict of interest. They got involved in rating companies who were paying them for ratings. It is the clearest conflict of interest possible. They incorrectly estimated the situation in Enron. They gave Iceland a triple-A rating a week before it went down the drain. They were also involved in Greece. The current situation was precipitated by these people and the fact that they were involved in junk bonds, and that is where the junk title should reside.

I am concerned about them not because of any abstract economic or political theory but because people are hurting. Several Members on both sides of the House have said this. We have set about attempting to save a system, with references to the systemic importance of banks. The priority of the Government should be the welfare of the people. I heard it said by leading people here that nobody died. They did and more are dying. More people are taking their lives across Europe. Last week a survey was produced which showed the impact of the economic situation on the suicide rates across Europe. People are dying as a result.

In this city a young mother died of hypothermia in the past year because of a heating situation. Gas prices are going up. We will be faced in the very near future with cuts in fuel, electricity and gas allowances and supports for the elderly. We are probably going to have more debt as a result of this because of the inability of all Governments to protect the people, which should be the first responsibility of government.

Today at least two newspapers, the Irish Examiner and The Irish Times, contain reports of the account given by Focus Ireland, led by Sister Stanislaus Kennedy. It has had a 20% increase in its latest figures of people requiring services because they are homeless. This is where the cuts bite and where we as members of Seanad Éireann should stand up and be counted for the people of Ireland.