There is uncertainty in banking and it is three months since the announcement of the NAMA strategy for dealing with the issue. The Taoiseach is addressing the legislation as if it is some obscure amendment to an old statute where the Parliamentary Counsel or Minister has not got around to preparing the heads of the appropriate Bill. On the day of the supplementary budget the Minister for Finance said it was urgent legislation. Three months later and on the eve of the Dáil going into recess for the summer, we do not have the legislation or an exact date for its introduction.

The Taoiseach cannot give us a timetable for the NAMA process and there is continuing uncertainty in banking. He is dithering and delaying, and his incompetence is creating even further difficulties for the country's economy. This is being paid for week in, week out by people who are losing their jobs and businesses which are going to the wall.

Hear, hear.

Hear, hear.

More soundbite politics from the Deputy.

The Deputy has produced another rhetorical flourish. This Government has been making decisions but it is clear there has been very little support from the Opposition for the necessary decisions.

Absolutely.

That is rubbish.

Has the Taoiseach even looked at our proposals?

The Government has the overall majority.

The Deputy asked about the NAMA legislation.

It has a majority and should get on with it.

The Opposition cannot listen. They did not get long enough to speak and want more time.

There is a new leader in the Labour Party.

Deputy Gilmore was listened to in silence and the Taoiseach must be afforded the same courtesy.

With regard to the NAMA legislation, the Minister made it very clear at the outset that he believed it would be September before it would be up and running.

Do we even have the heads of a Bill?

It is an arduous process and a complex piece of legislation, as people know. It is being prepared and will be brought forward in July.

The Taoiseach should try it with us. We could understand it, although those on the Government side may not.

There will be an opportunity for everybody to study it and enact it in September.

Lending has stopped since the Government stated it was to introduce NAMA.

With regard to the lack of credit in the community, the Labour Party did not even back the bank guarantee, which brought about stability.

That was right.

We were right.

The Labour Party was not right.

It will cost the taxpayer a fortune.

The IMF has indicated the Labour Party was not right. A witness attending the meeting yesterday of the Oireachtas Joint Committee on Finance and the Public Service also said that such a policy was not the right one. I suppose the party's committee members did not attend that meeting.

He also said that NAMA would be a costly disaster.

He did not

That is the truth.

The Taoiseach, without interruption.

I would rather address the issues which were raised.

The Taoiseach should read the full contribution. It is on the record.

Deputy Burton has no involvement in Leaders' Questions.

The Taoiseach will do it his way anyway.

That is the position. There is no mystique or dithering. We have made a decision to bring forward the legislation and we have indicated a timeline, which we will stick to. The Opposition will not support it because it has been playing the populist game by saying we are bailing out the banks from the day we had difficulty with financial stability in this country.

They are soundbites.

It is a difficulty the Government created.

The Labour Party will get its soundbite from that. It can keep at it because that is the way it wants to go. In the meantime we will do what is necessary to take the distressed assets off those balance sheets and get credit into the Irish economy flowing more quickly, with or without the Opposition's support.

When will that happen? It is a pity it was not done in time.

If we cannot get it, unfortunately we will have to do without it.

In another year all the shops will be closed.

With regard to the McCarthy report, that informs the Government's consideration of the budgetary position for 2010. There will be cuts and savings and I look forward to the Labour Party being prepared to support an approach that brings our public finances back into order. I doubt it will happen.

What about employment?

Bring them all out to the circus.