Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am not sure what the Deputy's question is because what was said was in the nature of a political statement. The policy of the Government in this matter is, first, to stabilise the public finances. Dramatic progress has been made in that regard. The reduction required in 2009, as a result of the various budgetary measures, was 4% and the envisaged reduction or adjustment is 2.5% this year in GDP terms. These reductions have been commented upon here and elsewhere as being essential to put this country on a competitive path. The second pillar of Government policy is competition. Clearly, the adjustment in the public finances has dramatically improved competitive conditions in the economy, with reductions in prices of goods and reductions in the cost of labour. This has made Ireland a more attractive place in which to invest and work.

With regard to banking, the Deputy, as she always does, took an opportunity to preface her statement with the defamatory suggestion that I am engaged in bailing out people. I am engaged in bailing out the economy which is very important and it requires a functioning banking business. I recall on 29 September 2008, on the night of the guarantee, the Deputy was willing to let all funding dry up in the banks on that occasion, which would have led to far more unemployment and far more serious economic dislocation in this country. That is now accepted by all reputable economic commentators. The Deputy can continue to peddle economic illusions to the people or she can face up to the realities as this Government has had to do and address the hard economic realities that require to be addressed.

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