Marc MacSharry (Fianna Fail)

I join with others in calling for a debate on these issues. One would have to welcome the developments in the past number of days but the reality is, not to take from the negotiating ability of the Government team, whom we support, Europe has thrown us a bone, Europe owes us big time. As I said before, the first skirmish of the international financial crisis happened on Irish soil. The people, through no fault of their own, were forced to accept austerity measures and take on the cost of the bank guarantees and very prohibitive measures that nobody would ordinarily set out to implement. As a result, in my view and history will prove it correct, the euro was saved. For that reason, Europe was entitled to give the concession on the promissory note. As Senator Walsh has rightly pointed out this is only the beginning of a larger process that must be pursued vigorously. In that context whether it is the Minister for Finance, Deputy Michael Noonan, or whoever from whatever party, he or she will have the full support of all Members. The reality is that there is an unsustainable level of debt and, by agreement, there must be a concession given to the reality that there is too much debt and that issue will have to be addressed.

The point was well made by Senator Hayden that there is also a responsibility on the Government to act in the interests of the people who are suffering in mortgage debt. The Houses are united on that issue. In fact, the House took the lead in putting forward solutions on the issue and continues to do so yet, today we see the arrogance of the banking community in Ireland. I do not accept Senator Paul Coghlan's assessment that it is purely in the interest of the shareholder and that our shareholder interests in the banks dictates that there must be draconian measures.