Joe Costello (Dublin Central, Labour) | Oireachtas source

I thank all of the Senators who have contributed to the debate. I did not hear the early part of the debate as I arrived when Senator Thomas Byrne was speaking.

I am speaking on behalf of the Minister for Justice and Equality, Deputy Alan Shatter, who is unable to attend this evening. I have listened to many constructive proposals, which are welcome. Senator Byrne's comments can only be categorised as a rant, because he said nothing constructive. He ranted and attacked the Government in the strongest language possible. The Government inherited a problem which was created by its predecessor, which the Senator was part of as a Deputy. The problem was created largely by the property bubble. While the construction sector was out of control there was still fuel being thrown on the fire, with further tax incentives of up to 100% being offered. By the time the market reached its crescendo in 2006 we were building more than 90,000 houses or units of accommodation here while less than 100,000 were being built in England. A country with a population of 65 million built roughly the same number of units of accommodation as a country with a population of 4.5 million. What did the Taoiseach of the day say when he was criticised for it? He said that those who criticised him about construction policy should go away and commit suicide. Clearly, Fianna Fáil should recognise that inheritance and apologise to the people for what happened.

This Government, in stark contrast with its predecessor, has made considerable progress across a number of sectors in addressing the significant and severe mortgage arrears crisis that it inherited. The crisis is directly linked to the economic situation presided over by members of the previous Government. There was a failure on the part of the previous Government, though it was in office for a considerable period, to propose or introduce relevant insolvency or bankruptcy reform legislation.

Each motion on financial and economic matters that Fianna Fáil brings before the House or the Dáil appears to be informed by the same amnesia. There is little or no recollection of its failed policies that resulted in an economic, fiscal and banking collapse. Thousands of people have lost their jobs, living standards were substantially reduced for families and, ultimately, the country lost its economic sovereignty. That was a result of the actions and inaction of the previous Government.