Brian Cowen (Laois-Offaly, Fianna Fail)

The aim of the facility we have brought forward is to make sure that we have an adequate funding mechanism so that this economy, which is stabilising, can provide growth and jobs for the future. Without that, there are no prospects for us to achieve those objectives. If the Opposition's view is that there is a better deal available and it wishes to paint that picture, I would like to hear in detail the outcome it suggests was available. If the Opposition suggests that there was a different interest rate available, I would like to hear the detail of it. Opposition Members can make all the populist gestures they like, but the bottom line is that this country needs this package at this time. This is the best available package for this country at this time. I believe there is a great challenge facing our country in the coming years that will involve the consolidation and adjustment of our public finances. The record will show that there was nothing to suggest in the policy positions of the Opposition throughout this crisis, apart from using funds for more spending, that this was an avoidable consequence.

We must have an effective and viable banking system, and we must have a recovering economy. We must engender confidence and we can do that in our political debate, regardless of elections. We do not have to consign our vocabulary to one of "banjaxery" or "economic corpses" or depicting the country in a way that is not accurate. I accept that we are in difficulty. I do not for one moment underestimate the challenges that face the country, but let us portray the country with its strengths as well as its weaknesses. To magnify weaknesses and to forget about strengths is to do the country a disservice. We need to be prepared to talk about the country in a far better way than is currently the case. We all know there is an election in the air when we finalise our post-budgetary arrangements and put in whatever legislation is necessary. If people feel it is more important to play that game than to deal with the issues of the day, then that is fair enough. We have brought forward a proposal which we believe serves the interests of this country and into the future. We believe it provides the time and space for growth in the economy to return.

The export-led recovery is under way and has brought a stabilisation in the last 18 months and is now proceeding next year on the basis of policies that we have brought forward that have improved competitiveness, lowered costs and enabled exporters to be more successful in markets in a more difficult trading environments, since the huge hit to this country in the autumn of 2008. We are now seeing signs of stabilisation, both in terms of export performance, moving to balance of payments surpluses and a stabilisation in the live register. The current rate of unemployment at 13.5% is very high and I do not for a moment suggest that any of us in this House are satisfied with that, but we must pursue the policies outlined in the four year plan that can bring our unemployment down to less than 10%, which was the case in 1997 when we came into office. We can do that if we stick to the plans and if we are prepared to do the most important confidence building measure that this Dáil can achieve in the next week, which is to pass the budget.

We have a four year plan. We have this deal in place and we have a budget to pass. If the Dáil passes that budget and gets on with the business of making the corrections that we must make, then we will provide the prospect of a good future for our people and we will demonstrate to ourselves and to the international community that we are taking on a responsible role that will make sure that this country gets back on its feet sooner rather than later.

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