Brian Cowen (Laois-Offaly, Fianna Fail)

There has been an addition of 500,000 units to housing stock, of which some 60,000 were State-assisted social, voluntary or affordable housing units. The massive expansion has been facilitated by major investment in water and wastewater facilities where there was a historical problem as outlined to us by the EU.

Since 1997, we have achieved one of the best economic performances in the world, growing by an average of just over 8% per annum, 400,000 more jobs have been created and unemployment has fallen from 10% in 1997 to 4.2%. The scourge of emigration has ended and we now have inward migration. We have the second lowest Government debt ratio in the eurozone, at approximately 30% of GDP, compared to 65% at end 1997. Lower debt interest payments have freed up resources to help provide more public services. I listened to Deputy Quinn, whom I respect as a parliamentary colleague, but I do not accept the claim that reductions in capital taxes lead to a boom in inflation. Reducing those taxes got more transactions on the market and increased our take from capital taxes from €158 million to over €1,500 million which is going into those services people are seeking.

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