Micheál Martin (Cork South Central, Fianna Fail)

Last week a completely different version of NewERA was announced. We have now learned this new version of NewERA, with the strategic investment fund, will be established as a branch of the National Treasury Management Agency on a non-statutory basis. I suggest to the Taoiseach that this represents a fundamental breach of a clear promise given by his party prior to the general election. In 2009 his initial promise concerned the creation of more than 105,000 jobs over four years to be financed by the sale of State assets plus up to €7 billion from the National Pension Reserve Fund. I acknowledge that shortly afterwards the Minister for Finance, Deputy Noonan, dismissed the jobs mentioned in the plan as "a public relations add-on". The then Labour Party spokesperson, the Minister for Social Protection, Deputy Burton, went further in describing it as having ten quangos and said it had been dreamed up by someone in the PR office of Fine Gael. However, the Minister for Agriculture, Fisheries and Food, Deputy Coveney, launched it with great solemnity and it was pushed very strongly during the general election campaign.

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