Timmy Dooley (Clare, Fianna Fail)

We have invested further taxpayers' money in the banks but that is the right thing to do. One cannot just ignore the banks and the economic situation and create some kind of a magic institution that will resolve the problem. The recapitalisation works towards this and will make the banks fit for purpose.

The Government has placed onerous lending requirements on the two main banks, with a requirement to lend €3 billion for each of the next two years to assist companies in getting access to credit. It has set up the credit review process which brings transparency for the constituents of all Members who have explained to us that they have not been able to access credit. The review process that is in place sets about resolving that difficulty. Seed capital is required from the two big banks to work on Enterprise Ireland projects and we have continued to invest a very considerable amount in capital spending on public projects, whether in regard to the western rail corridor, the connection between Gort and Tuam, which Deputy Higgins will welcome, and other projects in that area. We have seen investment in our schools and investment of €560 million this year as part of the building programme in creating, retaining or sustaining 4,400 jobs in rural communities throughout the country. These are all part of a co-ordinated approach, not one individualised solution such as the Labour Party has put forward. That sounds good but, unfortunately, it is not connected to reality.

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