David Cullinane (Sinn Fein) | Oireachtas source

I support the amendment to the Order of Business proposed by Senator Darragh O'Brien. It is important for us to have a debate on the increase in the interest rate by Bank of Ireland and other banks. It is an important amendment, which I support. I also strongly support the call for a debate on the higher education sector, which would be an important debate to have in the next few weeks or months.

I also support the very constructive proposal from Senator Quinn for us to have a non-controversial debate about the future of this House. However, I would like to see this debate broadened to discuss reform of the Oireachtas and not just the Seanad. Obviously, it concerns the proposal made, but I imagine we all want to see reform of the Oireachtas in its entirety, not just a narrow focus on the Seanad.

I wish to raise two very important reports published and in the public domain in the past 24 hours and which reinforce the need for a strong debate in this House on the economy. The first is a statement by three European finance ministers that casts some doubt over a possible bank deal for the State.

We have to be strong and resolute in defending the interests of the people. It is important that we get a bank deal. While the Government is working with the Heads of State it is a matter of concern when three powerful politicians in the European Union issue a statement to the effect that the deal will not deal with legacy assets, in other words, previous banking debt, but only new banking debt. We also had a commentary from the Central Bank on the fiscal compact treaty which stated clearly that adjustments will be needed up to 2020, which means eight more austerity budgets. Therefore, those of us who said that the treaty would mean an extra ¤6 billion in cuts, in addition of what was committed to up to 2015, have been vindicated. That is linked to the Private Members' business matter tabled by the Independent Senators. In eight years time, following all those austerity budgets, I wonder how many more people will be living in poverty as a consequence of those decisions. It is important to have a focused debate on the economy and ensure we get the right banking deal and that when adjustments have to be made we protect the most vulnerable.