Enda Kenny (Mayo, Fine Gael)

-----allowing them the opportunity to forge a new career or be taken on by companies on a permanent basis.

Deputy Boyd Barrett will be aware that also on 1 July the jobs initiative decisions taken by Government to reduce VAT, to halve PRSI for employers and remove the travel tax kicked in. This is the first direct stimulus to the hospitality tourism sector and those labour intensive areas for job creation and to retain employment. He will also be aware that the pipeline of investment from outside the country remains exceptionally strong and that the work being done by the Government in terms of rebuilding Ireland's reputation continues strongly. The situation in so far as the 12.5% corporation tax rate being unchanged has been made clear and has drawn a strong response from international investors. The decision taken by the Government in respect of the banks allows for a serious extent of credit of €10 billion a year for each of the next three years following the de-leveraging of non-core assets by them. The challenge for us is to stimulate the demand for credit from indigenous industry and a demonstration from banks that it is happening. Certainly, that is a challenge. In my travels throughout the country in the past fortnight, I have encountered a number of small firms, especially in the engineering and software areas, in which there is the potential for an increase in employment and some are making that happen. We must accelerate that and make it clear that the credit now becoming available to banks will be lent under proper conditions and will be proven to be lent to businesses for a change of direction or an expansion of whatever it is they are involved in.

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