Gerard Craughwell (Independent) | Oireachtas source

I welcome the provisions of the Bill that would allow external bodies to package mortgages and sell them to corporations. The Bill would also allow other mortgage organisations to avail of low-cost financing through indirect market access, provided they operate within the regulations of the corporation. Surely this would be a great thing for us all. The Bill is mindful of the mistakes of the past. If anybody in the room is mindful of the mistakes of the past, Senator Barrett, all credit to him, is more up to date and up to speed than most in the House as to how we ran this country into the ground.

We still have issues to address regarding the hangover from the property bubble. The hangover is in one part of the country and the bubble has already restarted in another part. In particular, I welcome the provision in the Bill to allow the corporation to outline explicit rules on what can and cannot be done with respect to loans.

I cannot get on my feet without addressing something said by my colleague Senator Keane, because I always like to refer to her. She spoke about the elephant in the room. She is dead right that there is an elephant in the room, and I cannot for the life of me understand it. It is not just the present Government; going back to the foundation of the State, Governments have steadfastly refused to take legislation from anybody but themselves, believing they are in some way enlightened and everybody else is that little bit different. This is a brilliant piece of legislation. It is complex but brilliant. I will not take up too much more of the Minister of State's time, because it has been a long day and he has worked hard.However, his own people have stood up in the Chamber today. Forget about this side of the House. I have a difficulty about Government versus Opposition. I am in the Seanad and there is no Government or Opposition. We are all on vocational panels. People on vocational panels from all sides of the House have stated that the Bill should progress to Committee Stage. I ask the Minister of State to take a chance. He is a brave man.