Brian Cowen (Laois-Offaly, Fianna Fail)

The consolidation in the public finances has been ongoing since the summer of 2008 when this issue first arose. I do not want to go over old ground because we need to look to the present and to the future but there has been a suggestion that the Government needs to begin a consolidation. The consolidation aspect of our policies - these policies did not win unanimous favour in the House - has meant €7.5 billion less in spending and taxation than would otherwise be the case.

The four-year plan is being prepared and an opportunity can be given for everyone to debate it in the House. I said earlier today that I would welcome a debate here. It also requires us to see what measure of agreement can be found. Obviously there are political differences and the roles of Government and Opposition differ. However, I believe that it would be helpful and that the people would like to see to what extent we can achieve agreement. The changes in the costs of borrowing and the great turbulence in financial markets, the medium-term prospect of the cost of funding and the question of the growth prospects for the European economy, for the world economy and, by extension, the Irish economy which is determined very much by those external circumstances, will have to be taken into account. A prudential view has to be taken so that we can provide a credible pathway and ensure that those who fund the deficits for our sovereign debt are aware that all of us are committed to making the adjustment and correction necessary by 2014. That is the purpose of the exercise in which we are engaged and to do so as collectively as possible.

I will not reciprocate with regard to the political charge made; I will deal with it on another occasion, perhaps during the debate next week.

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