Thomas Byrne (Meath East, Fianna Fail)

The debt to national wealth ratio is now down to 23% from a high of 96% in the early 1990s, which is an outstanding achievement by any set of standards. While it is given no credit by any member of the Opposition, the people at home understand that. If we consider other countries with national debts, in Japan it is 180% of its wealth. The USA has added $1 trillion to national debt in recent weeks with the rescue of Freddie Mac and Fannie Mae and the general bail-out of the banks. In the UK the ratio is approximately 40%. Ours is 23% which is an outstanding achievement that allows the Government in tougher economic times to borrow as necessary to maintain the services and keep us in a good position for when the global situation recovers. That outstanding achievement of the Government needs to be recognised.

Unfortunately the Opposition does not recognise that we are a small island economy totally dependent on international investment and on our exports to other countries. That has been put into clear focus by the pairing issue the Opposition has introduced whereby it is refusing to allow possibly even the Taoiseach to attend an important meeting in New York and the Tánaiste and the Minister for Justice, Equality and Law Reform to attend meetings in Europe. It is an absolute disgrace and shows no knowledge of the situation Ireland faces and the reality that our Ministers need to be abroad promoting the country as they have been doing for the past ten years and attracting foreign direct investment, which despite what the Opposition might claim is still coming in at very good rates. While we need to keep it up, the Opposition has shown no understanding of that.

Deputy Bruton will come into the Chamber and criticise the Government for spending too much money, yet tomorrow morning on local radio we will hear a litany of requests for more money for all sorts of projects.

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