Billy Kelleher (Cork North Central, Fianna Fail)

The fundamentals that brought us economic growth such as productivity, innovation and entrepreneurship are still ingrained in the people. I am confident that with the policies being pursued and the investment of the €5.5 billion stimulus package this year, the economy will turn the corner in the latter half of 2010 and growth will return in 2011.

These are the key parameters by which any Government policy should be judged. It has managed to stabilise the banking system, brought competitiveness back into the economy and adjusted and achieved more efficiencies in the public sector. The broader competitiveness of the economy will stand to us in time. With the considerable size of our exports, it is important competitiveness is at the core of all the Government's policies. This coupled with the flow of credit that will come from the banks will have a major impact on the economy.

It is important there is honest debate in the Chamber and that history is not revised. We cannot look back on the 2008 guarantee scheme in a different light. It must be recalled that there was panic internationally because of the collapse of banks in the United States and the part nationalisation of some in Britain. The Irish bank guarantee was the first and crucial step to ensure we did not have a financial meltdown which would have had a devastating impact on the broader economy.

I congratulate the Minister for Finance on his steadfast approach to this issue. He has not always had the support of and assistance from the other side of the House with party politics played out for the sake of it. It is accepted both at home and abroad that the Minister has acted responsibly in bringing about the stabilisation of the banking system and the economy.

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