Bertie Ahern (Dublin Central, Fianna Fail)

That is against a debt to GDP ratio of under 20%, the second lowest in Europe and one of the lowest in the OECD countries. If that is netted against the €16 billion we have saved in the National Pensions Reserve Fund, which the Deputy supports, we have one of the lowest ratios of all.

If taxes come in as we think likely and expenditure comes in on target and there are no surprises, we will end 2006 €1.75 billion better off than expected because of the management of the economy. Instead of the expected borrowing of €3 billion, we will only need to borrow €1 billion. In six months the Minister for Finance and those working with him have improved our situation by 65%. That is good and let us hope we can continue to do that in the remainder of the year.

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