Brian Lenihan Jnr (Dublin West, Fianna Fail)

I move amendment No. 2:

To delete all words after "Dáil Éireann" and substitute the following:

"commends the Government for its actions to stabilise the financial system and notes that its policies have already delivered a cleaner, well-capitalised and better funded Bank of Ireland that is now in a position to provide credit to support economic recovery and new job creation;

commends the Government for its actions to restore the public finances, develop infrastructure and ensure credit for viable business, thereby laying the foundation for Ireland's emergence from crisis and protecting jobs and living standards for the future and commends it for continuing to invest, with due regard to the economic and budgetary challenges facing Ireland, in those infrastructure priorities that will assist economic recovery;

commends the Government for the actions taken to help viable businesses to obtain the credit they need including:

— the recently introduced requirement for €3 billion lending plans for each of the next two years for each of the two largest banks;

— the setting up of the credit review process;

— the requirement that the two largest banks provide €20 million each for seed capital to Enterprise Ireland supported projects;

— the requirement that the two banks each set up a €100 million fund for environmental, clean energy and innovation projects;

— the introduction of a new statutory code of conduct for SME lending;

— the requirement that the banks commit to working with Enterprise Ireland and the Irish Banking Federation (IBF) to develop sectoral expertise in the modern growth sectors;

— the requirement that they explore with Enterprise Ireland and the IBF how best to develop the range of banking services that Irish SMEs trading internationally will need; and

— the requirement to develop expertise and credit products in areas where cashflow rather than assets is the basis for lending;

notes that the National Pensions Reserve Fund already has powers to make strategic investment, where this would yield an appropriate return. Spend on the capital programme amounts to almost 5% of GNP, €6.43 billion in 2010;

notes the very substantial investment in infrastructure to date, particularly:

— the Major Inter-Urban routes, which are nearing completion;

— the major enhancement of public transport, regarding both national rail services and commuter services;

— the major investment in water services, which has improved the quality of water;

— the very significant investment in schools; and

— the very substantial development of social infrastructure, including housing and health;

notes the substantial investment in job creation including:

— continued provision of substantial funding to Science Foundation Ireland and other enterprise related elements of Science, Technology and Innovation (STI), including €274 million in 2010 alone;

— continued high level of capital investment through the enterprise development agencies to help facilitate a return to enterprise led-growth driven by a vibrant exporting sector;

— prioritised investments that will help to develop the national skills base, put in place critical infrastructure for a return to growth and help to make Ireland an attractive place in which to do business; and

notes that unemployment has begun to stabilise since the start of the year."—

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