There are good and bad aspects to the position in which we currently find ourselves. We face both challenges and opportunities. On the downside, we are facing into a huge budget deficit. It is fair to point out that this deficit is far more down to the decline in incomes than to the direct cost of the banking crisis. The international banking crisis led to the collapse of many countries' economies, while the crisis at home led to the collapse of the economy here. When one considers the direct cost in this regard, one discovers that the collapse in tax incomes to the State was the major factor. I accept that it is a significant imposition on taxpayers to oblige them to pay for the restructuring of the banks. The latter is perhaps one of the greatest challenges we face.

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