Michael D Higgins (Galway West, Labour)

What is the position concerning the debt-to-GDP ratio? In the past 12 months, the Taoiseach frequently gave the House figures stating it has increased from the 20% mark to the 40% mark. At one stage he stated it was rising beyond 49% and suggested it may reach 100% before the end of the year.

It is the political issue, not the exact details, that are of concern. Has there been a Government decision on using this window of opportunity for borrowing? For example, the latest tranche of money provided to Anglo Irish Bank came from the Central Bank's surplus funds. Does the Taoiseach intend to allow the debt-to-GDP ratio increase to service his first priority, banking stability, and then his second priority, fiscal stability, at the cost of using this window of opportunity to impact on the rising unemployment figures? If that is the case, will the Taoiseach indicate what is the State paying in addition on external borrowing rates as a result of reputational damage?

On the unemployment figures, if the Taoiseach were to repeat the answer he has already given, it would mean he has tacitly rejected any suggestion of introducing a stimulus package. While I would like to be wrong, as I read it, the Taoiseach has given priority to banking stability followed by a conservative fiscal statement in the short term. He is hoping at the end of this to have a better trading environment and then will be looking at tackling the jobs situation. If this is the case, he should state that because it is a huge political difference between us.

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