Michael Ahern (Cork East, Fianna Fail)

I forecast that the predictions from the opposite side of the House will again prove to be wrong, as they always have been.

It is important that every Member of this House sets out the facts in respect of the economic crisis facing this country. This crisis is not the result of internal matters alone. It is often said that the construction industry and the bust in that regard is responsible for what happened in terms of the projected growth in our economy. The construction industry is responsible for approximately 4% to 5% of the reduction in GDP. What happened in the US and to the banking system worldwide could not have been predicted by anybody in the world, let alone anyone in Ireland. Economic forecasting is changing week on week. Geniuses in the economic field rather than politicians, are changing their forecasts week on week and we are not immune to this.

Also, we have been affected by differences in respect of the euro and pound and the euro and the dollar. We export 40% of our goods to Britain and the United States. Changes in currencies have dramatically affected our export value. The Government has taken action. It has been stated that the Government has been doing nothing for the past couple of months. The Taoiseach, Minister for Finance and other Ministers have been working with experts in their Departments and with other experts to address what has been happening in the banking world, a situation that has been shifting like the sands. I believe the decision in respect of the bank guarantee scheme brought about certainty in our financial system. The decisions in respect of the takeover of Anglo Irish Bank and the recapitalisation of the other banks will succeed in due course in returning to the market the liquidity necessary to refuel our economic and business world.

I regret I do not have time to address other issues. I have confidence in the Government ensuring that we return during the next couple of years to where we were one year ago.

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