Brian Lenihan Jnr (Dublin West, Fianna Fail)

That is the construction the Deputy wishes to place on what I said. A large number of delegates came over to me, thanked me and said, "Thank God, there is hope for this country".

We must face facts here. A huge burden of adjustment must take place in order that our economy may become competitive. What is exciting the admiration of other European countries is the fact that we are prepared to take on that burden. Our unit labour costs are no longer the highest in the eurozone but now lie behind one country. We must face facts if we want to be competitive. That is all I rightly wished to draw attention to because I believe it is important that Irish people understand the course of action we are taking. We are making ourselves more competitive, adapting our work practices and making real sacrifices in terms of the income we pay ourselves during the present period. All these initiatives, taken by many Irish people in their places of work around the country, are improving our competitiveness and generating international attention. That is very important if Ireland is to be put on the right track.

Deputy Burton raised the question of EIB funds. I was present at a ceremony in Dublin some weeks ago where these funds were committed to the Irish banking system and are now available-----

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