Liam Twomey (Wexford, Fine Gael)

There is serious concern about what is happening. The Minister can dismiss it, since he is quite comfortable with his wage and pension. Many people worry about their personal debt, however. The problem should also be of concern to the Government if it wishes to remain in power after the next general election. The Celtic tiger generation has been borrowing between €15 billion and €20 billion each year for the last four years. The Government should recognise that its value is the same as the growth in the economy over that period. Personal borrowing by the Celtic tiger generation accounts for that growth. We have gone from being €60 in debt for every €100 of income earned to being in excess of €140 in debt for every €100 of income earned.

What will happen when we can borrow no more? Will growth in the economy hit a brick wall? If my interpretation is correct, is the worst yet to come? Has the Government allowed for that, and does it even understand me? Perhaps the Minister for Finance, Deputy Cowen, should return to the Chamber, or at least send a Minister who understands me, so that I might explain my concerns. The Irish people might then not borrow so much, and the Minister might correct the economy on their behalf.

There has been another year of personal borrowing encouraged to some degree both by Government actions and by factors outside its control.

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