Brian Cowen (Laois-Offaly, Fianna Fail)

-----must consider three main factors, namely, the level of resources available; projections regarding how the economy is expected to develop; and societal needs, particularly in respect of the matters in respect of which action must be prioritised. Successive Ministers for Finance - Members may consult their budgetary statements for as far back as they wish to go - have always set out the macro-economic position and the vulnerabilities and downside risks. Those are the facts of the matter.

I wish to make it clear to the House, in an honest and open manner, that I regret and am sorry about the outcomes that have come to pass. However, let no one suggest - and everyone should be fair and reasonable about this - that there were people in this House who predicted the imminent financial and economic collapse that occurred in the developed world in 2008. Let us all be fair to each other.

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