Brian Lenihan Jnr (Dublin West, Fianna Fail)

I turn from current expenditure to the subject of public investment. Over the past decade, our rate of investment in public capital projects has been more than 5% of gross national product — double the rate of most EU member states. In our new financial position, we have to be much more targeted in our investments. We need to concentrate on capital projects that add significantly to our productive capacity and promote employment. We have to secure maximum value for money and to consider less costly spending alternatives where possible. Our plans remain ambitious but we will have to be more patient in achieving them.

Gross capital spending next year will amount to more than 5% of projected GNP in 2009, or €8.2 billion in absolute terms. We will seek to maintain this rate of investment in 2010 and 2011. If the quantity of investment is less than planned, we are determined that its quality will more than compensate in value to the wider economy.

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