Gerry Horkan (Fianna Fail) | Oireachtas source

Mr. Dombrovskis acknowledged in his opening statement that debt–GDP ratios sometimes improve not so much because debt is falling, but because GDP is rising. This is particularly the case in Ireland, where GDP made huge jumps. I made this point to the Minister for Public Expenditure and Reform when he was here last year. He agreed with me.

With regard to our debt, the previous Minister for Finance, Deputy Michael Noonan, pointed out to us on his last day in the Seanad that Ireland has the second highest level of debt per head of population in the world, after Japan. Some 40% of our corporation tax receipts are from ten companies, and approximately 80% of our corporation tax is related to American foreign direct investment. What point does Mr. Dombrovskis have to make to us on the vulnerability of the Irish economy even if a quite small number of factors change? The debt is significant. Corporation tax receipts are vital if we are to manage to reduce our debt. We are very vulnerable, particularly in the context of proposals in terms of the taxation of the digital economy. Mr. Dombrovskis is looking at us from above. What points has he to make to us that he has not already covered in his statement?