Mr. James Coghlan:

Everybody agrees that there is a significant housing issue, on which various actors have done very detailed work and about which enough has been said. However, we need to get back to investing in infrastructure and things that will bring long-term economic benefits. That must be the measure.

Deputy Barry Cowen mentioned the cost of doing business and the cost of living. For small and medium enterprises, SMEs, these are significant issues. The National Competitiveness Council is constantly raising them, insurance being only one example of many factors to be considered. It is a fact that the cost of living in Ireland is the fourth highest; it is 23% higher than the European average. Why is that? Disposable income would go considerably further if the cost of living in Ireland was at a level comparable to the average European rate. Why is that not the case? Perhaps it is because the cost of doing business is very high. One must go through an SME's profit and loss accounts line by line to see what makes up the high cost of doing business which is leading to higher prices and, in turn, a higher cost of living. The Deputy has come up with a net figure of €700 million, but one cannot think in terms of one year.