Aideen Hayden (Labour) | Oireachtas source

I congratulate Deputy Ciarán Lynch, Chairman of the banking inquiry sub-committee, and all sub-committee members on the timely and speedy manner in which they have carried out their work. The final submission from the sub-committee will come before the Committee on Procedure and Privileges of both Houses and we will be in a position to debate the terms of reference of the inquiry by mid-October. It is interesting that Fianna Fáil's finance spokesperson, Deputy Michael McGrath, has said he is satisfied the inquiry will not be a witch-hunt against his party. The acceptance of the suggestions of Deputy Joe Higgins that the inquiry should consider, for example, the role of the media is welcome because there have been allegations of a cosy consensus around the property market, given its value to the media during this period. I am sure the media will welcome this.

It is a testament to the maturity of the members of the sub-committee from both sides of the two Houses that they have worked so well together and achieved such a consensus in a short time. This leads me to understand there will be a full outcome to the inquiry during the term of this Seanad, to whcih I very much look forward. Many people lost their life savings and had their lives destroyed. Some remain in negative equity or have had their homes repossessed. We can never move forward until we know the truth about what happened, not just on the fateful night in September 2008 but during the previous 15 or 20 years. It is welcome that the inquiry's mandate covers the period from the mid-1990s, if necessary, and that we will have the terms of reference before us, I hope, by mid-October.

We have raised the issue of the upcoming budget on a number of occasions. The Budget Statement will take place in two weeks' time. There is a lot of discussion in the media about conflicting suggestions from different bodies as to what the Government should and should not do in regard to the budget. There has been debate on whether it should deal with the entire €2 billion figure, as was suggested by the Irish Fiscal Advisory Council, €800 million as suggested by the Nevin Economic Research Institute or, as the Minister suggested, that we have a neutral budget. My concern is that much of the debate has focused on the issue of tax breaks. I want to make a plea. I and a number of other Members are working with the NGO sector. I am well aware of the stress and crisis the sector has been under over the past number of years. It has become a cliché to refer to doing less with more, but NGOs have been doing less with more for a long period of time when dealing with very vulnerable people in situations where there are no immediate outcomes. We need to move forward in supporting the most vulnerable people rather than giving tax cuts and tax breaks to people who do not necessarily need them. On that point, I call for a debate on the wider economy and the priorities we should have in terms of a fair and redistributive society. I would like such a debate before the budget but if that is not possible it should take place shortly afterwards.

Could the Leader check the status of the Residential Tenancies (Amendment) (No. 2) Bill? I understood the Seanad would have the privilege of introducing on Committee Stage in the House the Bill on the deposit protection scheme. The loss of deposits unjustifiably is an enormous issue in the rental sector and often leads to homelessness.