Dáil debates

Wednesday, 22 June 2011

11:00 am

Photo of Enda KennyEnda Kenny (Mayo, Fine Gael)

It is incorrect to say we are doing exactly what the previous Government did. We have inherited a situation whereby the sovereign is unable to borrow money. That is a fact. Our challenge and that of the Opposition is to get our country back to a point where it can borrow money on the bond markets and thus be in charge of its economic destiny. That is the challenge facing the entire country into the future. It will not be easy. We face many challenges, all of which will be spelled out clearly as we unveil the full truth in the context of the comprehensive spending review.

I have said on many occasions that we cannot tax or cut our way back to prosperity. There is no difference of opinion between us in that regard. However, the only way forward is to make progress in respect of developing our economy, strengthening our indigenous economy, increasing productivity and our exports, which are very strong, having credit available from banks for business and demonstrating we have rebuilt our international reputation. The Government has decided on the bank situation, the deleveraging of non-core assets internationally and will make available €10 billion per annum for each of the next three years for lending to small and medium enterprises. I want the banks to be able to show the people on a bimonthly or quarterly basis what new lending they are making available following which I, Deputy Adams and Deputy Martin can discuss what new businesses in Cork, Louth or anywhere else are in a position to obtain credit for expansion of employment under appropriate conditions.

When in Deputy Martin's constituency last week, I had the privilege of turning a sod on a major site in Mahon where 300 people will be working over the next few weeks. It is a €50 million investment.

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