Frank Fahey (Galway West, Fianna Fail)

The Labour Party has suggested that it can take €2 billion from the National Pensions Reserve Fund, in the present economic climate, before going to the market to raise another €18 billion. It is the most ridiculous idea that has been proposed in this House for a long time. I ask Deputy Rabbitte and his colleagues to spell out where they will borrow the €18 billion that is the cornerstone of their economic policies. In the past week, both parties have been completely disingenuous when talking about the terms of the EU-IMF assistance. The idea that things in this country will magically improve overnight if the Labour Party and Fine Gael get into government is not credible. They know, as I know, that there is no magic solution to our economic woes. It would be fairer on the electorate if they made that clear at this stage. If the Labour Party intends to raise half the moneys needed in taxation, that clearly must mean a significant property tax for the middle classes in this country. I was shown an advertisement recently that purported to be from a political party that intends to introduce a property tax, but cannot say so yet. It ended with the words "Vote Labour". That is the kind of magic myth the Labour Party is portraying in society at the moment. That is the kind of con job in which the Labour Party is involved. It will do the greatest U-turn that has ever been done-----

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