Brian Cowen (Laois-Offaly, Fianna Fail)

Deputy Mansergh correctly pointed out that it is just not possible to introduce stamp duty reform in an overheated market. The conditions that now prevail allow for reform of the stamp duty regime without unduly affecting the market conditions. That is why I have chosen to introduce reform at this time rather than when the market was overheated. The reform will lead to a direct benefit for purchasers rather than sellers which, to answer Deputy Michael Noonan's question, would have been the position if they were introduced earlier.

Turning finally to the macro-economy, many Deputies spent much of their time speaking on this topic rather than the contents of the Bill, which is fair enough. More than anything else, it is important that we take a balanced perspective on the economic outlook and on developments in the construction sector. Developments in the housing market in recent years are a reflection of the success of our economy. Employment has risen substantially, earnings have increased and taxes have been reduced.

As Deputy Peter Power said, it is clear that the fundamentals of the Irish economy remain strong. The Irish workforce is dynamic, well educated and responsive to changing circumstances. We are committed to the consensus approach to wage formulation through the social partnership process which has played its part in delivering key benefits to our economy in the past and by ensuring that all stakeholders in our economy have a shared sense of the emerging issues. Social partnership will form a key part of our response to any difficulties that may emerge.

Time does not permit me to respond to all the points raised but I look forward to Committee Stage which will offer an opportunity for many Members, not only spokespersons, to be involved in a more detailed discussion.

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