Many people watching the proceedings of this House are worried about the future of their jobs, the value of their homes and the difficulties that lie ahead. While our views on how to restore confidence in this country's economic strategy may differ, we all want the country to be able to move forward. Fine Gael has consistently outlined its constructive views to the Government. The least people expect in this forum is some sense of mutual respect. Those whose ideas differ from one's own deserve to be respected. The Taoiseach's outburst yesterday did little to build confidence among people outside this House, including people overseas. If he is serious about building a national consensus on the recovery of the economy, he should have a rational respect for the views of other Members of the House. It may well be that he wants to run the Government his way. There has been evidence of that over the last six or seven months. It was the Taoiseach's way to introduce the budget in October. It was his way to say that the Estimates he had produced were on target — they were off target by €2 billion in one month before Christmas. It was his way to intend to take medical cards from elderly people. It was his way to attempt to withdraw an allowance from those who are intellectually challenged. That was his way.

As this country faces a war for economic survival — the clock is ticking for Ireland — no cohesive strategy or plan has been produced by the Government. If the Taoiseach was running this country as a company, with the population of Ireland as its workers, and he was borrowing to pay interest, we would be out of business. If that is his way, I disagree fundamentally with him. It is time for the Government to examine the reality of the situation we are in. Some 60,000 jobs have been lost since I first called for the introduction of a programme of recapitalisation. The Taoiseach said it was not necessary — that was his way at the time. When I suggested that Anglo Irish Bank should be taken over, the Taoiseach said it should not be. When I said it should not be included in the recapitalisation programme, the Taoiseach said it would be business as usual. The Taoiseach's way is not working and has not worked. I suggest it is about time that the Taoiseach, in his capacity as leader of the Government, ensures that it stops dancing to the tune of developers and big bankers.

Hear, hear.

Rubbish.

The Taoiseach should set out a strategy now. He should outline in this House how he intends to ensure that banks make credit lines available to small businesses, in the interests of creating and protecting jobs in this country. Will the Taoiseach respond to that? What has he done? What is he doing? Can he confirm the extent of the credit lines that are open to small and medium sized enterprises at this time of national crisis? We will play our part, but the Taoiseach needs to shape up by playing his part.

He will sing it his way.

We have heard the usual outburst from Deputy Kenny.

Yes.

He is looking for the high ground.

The Taoiseach should listen to him.

We have also had——

The Taoiseach has to be listened to.

The catcalling and heckling started before I opened my mouth.

This is more of the same.

The Taoiseach knows what is coming.

My job is to set out the Government's position on all these issues.

Why is the Taoiseach not doing that?

I remind Deputy Kenny that bringing stability to the banking system continues to be one of the Government's top priorities. This issue is being dealt with by every government in the world that is concerned with the difficulties being faced in the global financial system.

What about the national element of it?

Go back to sleep.

The Government should start with our national financial system.

Deputy Kenny mentioned that he called for recapitalisation when that approach was being taken in the UK. At that time, I made the point, which I emphasise again today, that the Irish banking system has not suffered from the sub-prime mortgage problem that has been a significant feature of the British banking system. The British authorities had to take immediate steps to recapitalise the banks in that country because they needed to mark the market in many of those assets. That was not the situation in the Irish system. The guarantee scheme we introduced provided the stability that was necessary. It was an important and decisive act on our part. Subsequently, we took the time to get the necessary advice on how to proceed with recapitalisation policy issues. Since then, market sentiment has been quite negative to banking, in general. All banking shares have decreased in value. Irish banking shares, in particular, have dipped more than others. We are aware that governance issues have arisen in respect of one particular financial institution, with the consequence of further negativing market sentiment in respect of other institutions. The Government, including the Minister for Finance and I, continue to accord top priority to this issue in the interests of maintaining a stable financial system in Ireland. It is important that all of us, in our comments, make the point that we are interested in ensuring that the Irish financial system operates and functions. That is a prerequisite for a properly functioning market economy in this country, even in the difficult times in which we are operating.

I reject with the contempt it deserves the continuing suggestion that we are motivated by anything other than the public good in trying to bring stability to the financial system in this country.

Hear, hear.

While I do not expect that this sort of behaviour will end on the Deputy's part, I reject it with the contempt it deserves.

What about the Government's performance in recent years? Will the Taoiseach put that question to the people?

The Taoiseach should be allowed to speak without interruption.

In regard to small and medium sized enterprises and first-time buyers, we have indicated the need to ensure there is access to credit lines. This is something in which we are engaged. The availability of mortgage support and mortgage finance is increasing by 30% over last year and by 10% for medium sized enterprises in respect of access to credit lines. The independent directors we have appointed in the public interest are ensuring this policy is brought forward and that the strategic plans for the banks as they proceed with the recapitalisation will keep all of that in mind. Fundamentally, we must ensure market sentiment towards the Irish banking system is more positive so that shares can rise and people in the investment community can see that the Irish banking system is solvent, is functioning and has a clear future as part of the economic renewal and revival we are trying to organise. These are my responses to the issues raised by Deputy Kenny which are relevant to the debate.

The problem is about building trust and confidence. There is no trust in the banks, nor is there the degree of confidence there should be. International markets look at the country and the banks in the same way, and there is trust in neither at the moment. Confidence is critical to this. The Taoiseach says he is engaged in the business of seeing that credit flows to small businesses. Will he publish the information he has to date so that we can see the extent of that credit flow? Anybody I speak to, whether those involved in the business of this House or in small businesses, tells me that the lines have tightened so much that it is becoming very restrictive.

One of the problems is that the banks have all the information. There is no real confidence or trust between the National Treasury Management Agency, the Department of Finance and the banks. I have a suggestion for the Taoiseach. What he could do is make an appointment of somebody within the regulatory authority who would direct that the banks strip out their commercial from their residential and other loans and do an analysis on every bank of the numbers of persons who are unable to repay their mortgages and the numbers of small businesses now in distress. This information is available to the banks but they will not publish it. They should give it to the Taoiseach.

The Minister for Finance has said we are now deeply embedded in the banking sector. Confidence is at its lowest ebb. The Taoiseach could have that information in a week and could then put together a package to say to the 80,000, 100,000 or 150,000 mortgage holders who have lost their jobs, are on three-day weeks or face redundancy that we are now in position to know the scale of the picture and to do something in respect of focusing the banks on restructuring those mortgages or putting into effect a number of options to ease the burden upon those people who will not then be faced with foreclosure. In a similar sense with the commercial entities, we would then have a clear picture of the number of small and medium enterprises in serious distress. We could then at least decide what best to do in their interest. I am interested, as I am sure is the Taoiseach, that those people should be able to hold onto their jobs, protect those jobs and that we should be able to build on that through a series of mechanisms.

Will the Taoiseach do this in respect of the banks? We now own a bank whose liabilities we are unaware of, and we are being asked to continue that. I have offered a constructive suggestion that would give the Taoiseach and everybody else a clear picture of what the banks face and what those mortgage holders who cannot make their repayments now face. That would be in everybody's interests and I ask the Taoiseach to respond. A book the Taoiseach should consider for his spare time reading is by Robert Goffee and Gareth Jones and is entitled Why Should Anyone be Led by You?.

I do not know who writes Deputy Kenny's quips but I hope he can get somebody to improve them.

The Taoiseach brought it on himself, by singing.

In regard to mortgage issues, it is important to point out that the information up to June was that there were some 127 repossession orders out of the total of 1 million mortgages. Thankfully, thus far — this issue is being monitored on an ongoing basis — the number of mortgages in stress is much lower when compared with the situation in the United Kingdom. This is an issue we must continue to watch closely.

It is important to point out that the Financial Regulator is developing a statutory code of practice in respect of this issue. There is a good record in this respect for those who make contact early with financial institutions regarding any issue of difficulty concerning repayment capacity. The banks will work with customers in a way that is in the interests of everybody to ensure they get over the particularly difficult times they may be facing. It is important to point out that whereas this is a problem which has the potential to increase, it should not be exaggerated to a level of distress above what we know to be the situation based on data available up to June. The second six months of last year will see further developments in this regard. We are monitoring that situation very closely.