Labhrás Ó Murchú (Fianna Fail)

I concur with the main outline of Senator Norris's contribution and support his request for a debate on the economic situation. However, that debate should take a different form than usual. I recall a discussion with a young Argentinian some years ago. He told me about the morning that his people woke up and realised that their bank savings had evaporated overnight. I believed it was fantasy land and the stuff of nightmares.

There is a fear that this nightmare has visited us. In the past week, several people have asked me about the security of their bank savings. They went a step further by asking about savings in the post office, which is State guaranteed, and whether there were any circumstances in which the State could renege on its guarantee. We need enhanced communications with the public. The information vacuum is being filled by celebrity economists who are only interested in personal TAM ratings. I have great regard for the Taoiseach, Deputy Enda Kenny, who comes across as an exceptionally decent person. There is no reason for him not to go on television more than once. The Taoiseach should appear on television from time to time to address issues like post office savings.

The young Argentinian man told me that, once the savings had evaporated, any money people still had they kept at home. During the week, three people asked me whether they should remove their money and hide it in biscuit tins under their beds. This is the seriousness of the situation. Millions of euro in deposits have left the banks. Can the House imagine what will happen if we do not allay people's fears?

The debate must take a different shape. The Leader knows as well as I do that information provided in the Dáil or the Seanad-----