Brian Lenihan Jnr (Dublin West, Fianna Fail)

I move amendment No. 1:

To delete all words after "Dáil Éireann" and substitute the following:

commends the Government for its continued vigilance and management of the economy and public finances which has enabled Ireland to meet the current difficult economic challenges from a position of relative strength;

notes that Budget 2009 announced measures designed to raise almost €2 billion in additional taxation in 2009;

notes that the Addendum to the Irish Stability Programme Update published on 9 January last outlined a 5 year framework for the restoration of sustainability in the public finances over the medium term;

endorses the action taken by the Government in line with the Addendum through the introduction of further measures to secure up to €2 billion in expenditure savings in 2009 consistent with the framework for a Pact for Stabilisation, Social Solidarity and Economic Renewal which was agreed with the social partners;

acknowledges, in order to stabilise and restore the current budget to surplus by 2013, the importance of ensuring the implementation of the measures already announced and of those required over the years out to 2013, with particular emphasis on the period out to end-2011;

notes the disappointing end-February exchequer returns and the need to ensure that the General Government deficit in 2009 does not worsen from the previously forecast 91⁄2% of GDP;

notes the Government decision today to announce further necessary measures by the end of this month to ensure the stabilisation and sustainability of the public finances;

endorses the Government's ongoing action in support of the country's banking system including the recapitalisation of the two main banks which will facilitate increased access to funding for SMEs and for first-time home buyers as well as offering protections for existing homeowners in arrears;

notes the need for the introduction of important reforms to financial regulation in Ireland which will secure confidence in the banking system through the introduction of new standards of banking regulation and corporate governance, will restore Ireland's international reputation and will reposition the country's regulatory system;

and

endorses the Government actions to reorientate and refocus the economy towards innovative and export-led growth through the promotion of policies and actions set out in 'Building on Ireland's Smart Economy: A Framework for Sustainable Economic Renewal'.

I propose to share my time.

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