Jan O'Sullivan (Limerick East, Labour)

The Minister has told us that the annual cost of the bank rescue will be €1.5 billion to €1.7 billion per annum which is a considerable cost for the foreseeable future to the taxpayer in terms of the fiscal gap. Others have raised the question of whether the people who gave the so-called expert advice which proved so spectacularly wrong are going to be paid for it. Has the Minister sought cuts in terms of the cost of those experts, valuers and legal advisers who are going to make a lot of money out of all of this in the same way as he will be seeking to cut the incomes of lower paid workers in the budget?

Has he received expert advice on how the drop in employment and deflation will affect the outcomes in future years? We know, for example, that the income tax take is considerably down on what was forecast for this year and it is likely to be similarly reduced in the future if the economy remains deflated, people are not working and small businesses are not getting money from banks. Has the Minister received as much advice in that area as he has in the other areas to which he referred?

On the Minister's reply to Deputy Higgins, I understand there may be up to €90 billion in savings in the country, a much higher rate than would be normal. Could the Minister give us more information on how that money might be activated in terms of job creation so that we will have some reasonable tax coming in from income and some chance of recovery in the economy in the future so that we do not reach such a deflationary spiral that we can see no way of recovery?

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