M J Nolan (Carlow-Kilkenny, Fianna Fail)

Even the learned gentlemen across the way did not have a monopoly on that. I welcome the Minister's statement and the fact that he is facing up to the difficulties faced by the economy. In the short time I have I will highlight one or two issues that concern me. In the context of the budget being introduced by the Minister on 14 October, I ask that areas such as education, which has been the bedrock of the Irish economy in the past 20 years and the reason it has been so successful, do not see serious cuts. As a result of our education system and our young, well educated workforce we have succeeded in attracting more foreign direct investment than any other European country. Any changes or savings that have to be made should be made outside that Department.

In addition, State agencies, particularly FÁS, must put in place or alter their courses to suit the current economic climate, in which an increasing number of young people are coming onto the live register. I heard reports recently that individuals who went to FÁS seeking particular courses were advised that no such courses were available. We cannot wait six months or a year for FÁS to get its act together and put on courses that are urgently needed.

The current downturn in the economy will have a serious effect on the resources that Ministers will have to run their Departments. However, I was glad to hear the Minister state that unlike in previous downturns, in which capital budgets were severely cut as a result of fall-offs in revenue, he intends to prioritise spending in the capital area and that programmes such as the inter-city road network will be completed by 2010. I would also like to see continuous investment in public transport, particularly the rail network, which has benefited significantly in the past ten years.

Nobody in this House could have anticipated the speed of the decline. Indeed, most of it is outside our control and we are to a large extent at the mercy of international financial markets. I wish the Minister well in his task, which will not be an easy one. However, the fundamentals, as he continues to tell us, are sound, and based on that I believe we are healthy enough to ride out the recession.

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