President McAleese Urges Self Belief

Irish president Mary McAleese has said Ireland is "worth much, much more" than to be defined by the economic crisis which currently engulfs the country.

In a Christmas message designed to lift spirits, Mrs McAleese it was now vital that the Irish people muster the self-belief and determination that is needed to reinvigorate the country, both psychologically and economically.

She said while people would understandably want to examine what caused the current difficulties, what was needed as pride and confidence in the future.

She said Ireland still had many strengths, and its young people deserve a bright future.

Mrs McAleese's traditional Christmas message was issued ahead of busy week for the President.

She has called a meeting of the Council of State for Tuesday to discuss emergency banking legislation passed by the Dail last week.

The Council of State consists of all former Taoisigh and presidents , as well as the Chief Justice, the President of the High Court, the current Taoiseach, and the Attorney General.

The president can convene a meeting to discuss a law's constitutionality before she signs it into law.

So far, she has convened the council on six previous occasions.

The new Credit Institutions (Stabilisation) Bill gives the Finance Minister sweeping new powers to restructure the banking sector, including overruling shareholders, and acquiring and disposing assets of banks.

Financial experts, including Dr Michael Somers, the former head of the National Treasury Management Agency, have criticised it as "draconian" and says it gives the Minister "extraordinary powers".

It also contains measure aimed at limiting the bonuses paid to bank executives.

If the President is still unsure about the new law after the Council of State meeting, she has the power to refer it to the Supreme Court.

The President also has a number of social occasions during the week, including a reception at Aras an Uachtarain for members of the Defence Forces, and a visit to several homeless shelters in Dublin.