Willie O'Dea (Limerick East, Fianna Fail)

Despite that, some people still persist, in the teeth of the clearest evidence to the contrary, in insisting that the boom has been squandered. As well as the huge investment in infrastructure, health and education, we have used the surpluses to build up our pension reserve fund to almost €20 billion and to dramatically reduce our national debt from 65% of GNP to about 25%. The reduction in our national debt leaves the economy in a much better position than if we had a higher level of indebtedness. It certainly leaves us in a better position than the Government under former Taoiseach, Garret FitzGerald, left us in 1987 when the national debt was 120% of GDP.

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