Conor Lenihan (Dublin South West, Fianna Fail)

Our hospitality sector might not survive without the non-Irish workers who comprise 40% of the staff in the hotel sector.

There is a tendency during recessions to be constantly negative about our prospects as a nation. A little reported event occurred this week when the UK attempted to sell Government bonds worth £1.5 billion to the international markets. There were no takers for the offer, however. Contrast that with the €1 billion bond offer by the NTMA a few days later which was oversubscribed by a factor of between two and three. The bond comprised a €300 million offering over a three year period with the balance being offered over ten years. In regard to the views of external rating agencies, there is nothing better than an offer to put money down as a sign of confidence in a country. That bond issue indicates strong confidence internationally in what we are doing in Ireland. Matters are not as dismal as some would like to claim in response to pronouncements by rating agencies. It is also instructive to note how lucky we have been to be members of the euro at this particular time. One may contrast that with the situation in the UK, which I suspect-----

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