Michael Ahern (Cork East, Fianna Fail)

We are a trading nation and 85% to 90% of our GDP is from exports. The rest of the world faces the same problems we do but we are taking a bigger hit than many other countries because of our trading situation, especially with regard to trading with our neighbours across the Irish Sea. Up to 20% of our exports go to the sterling area and the 33% devaluation of sterling has had a serious effect on this country's income.

At home, we have had a downward spiral in purchases in the retail trade and in all other businesses. On top of this, with regard to house building, people could buy houses at equivalent prices to 1994 or 1995 due to interest rates and the drop in prices but it is not happening.

See this speech in context