Gerard Craughwell (Independent) | Oireachtas source

The Bill is extremely innovative. Many of its key themes are based on similar legislation models in the US and Canada, where they have been highly successful. Why not learn from other countries and replicate what has worked there? I agree with my colleague Senator O'Brien that the Bill should at least go to Committee Stage. What is wrong with bringing it to Committee Stage? It can be debated and we can argue about the various points. We can bring forward amendments and make some sense of the issues people have. By cutting it off now the Government will totally avoid the issue. If we had been a little bit more imaginative before the present Government took office we might not have found ourselves in situation we are in today. Imagination costs us nothing.

The Bill proposes to give a national housing corporation access to low-cost funds backed by a State guarantee. This is something that is not new. The previous and present Governments have used State guarantees to help us get out of the mess and the Government is to be commended on the work it has done. I believe in giving credit where it is due. It would not require a drawdown of any funds from the Exchequer, and the Bill includes failsafe systems to protect the taxpayer from ever having to bail out the corporation. This is something we did not get with the famous Bank of Ireland, AIB and Permanent TSB. It would be music to the ears of the citizens of Ireland. We are coming into an election, and I am sure that as the Minister of State wanders around the streets of west Mayo he likes to hear music in the ears of the citizens of Ireland.