Enda Kenny (Mayo, Fine Gael)

The IMF has recognised the validity of the Government's call for a reduction in the interest rate, which would be important but is only part of the evolution of discussions that are taking place here. International banks and commentators, the European Union, the European Commission and the IMF have recognised the fundamental importance of the decision taken by the Government about the banking sector. That is a start, but it is only the first step in a long process.

In respect of what we must do in this country, yesterday the Government agreed on a comprehensive analysis by every Minister of how money is spent, the value for that money and how effective it is in dealing with the problems with which it is intended to deal, so there is a proper process in place with regard to the preparations for the budget for 2012 and so we do not find ourselves in a position where Ministers, as has been the case for time immemorial, do not know what type of cut will apply or whether any value has been achieved for money spent. This is a serious change in how we look at the expenditure of taxpayers' money.

The IMF made it clear to both parties in Government, when it met with them before Christmas, that it would be entirely in order to transpose sections or sectors of the IMF-EU programme, one with another, provided compensatory amounts were produced and clarified. The two Ministers with responsibility for finance are meeting with the troika today. From that point of view we want to focus not only on cuts, but also on growth and stimulus in our economy, to provide some certainty and confidence for people who wish to get back to work or hire new workers and to get into a position where we can grow our economy. As the Deputy knows, there has been some public comment about the content of the Government's jobs initiative which will be published in the next few weeks.

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