Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister. The reason this question was asked is that it is important we put on record the Government's response to the fiscal advisory council's report. The Government was required to establish the fiscal advisory council under the EU-IMF programme. It has not yet been put on a statutory basis but its work is well under way. I happen to agree with the Minister and with the Government's position that it would be wrong to go for an adjustment of €4.4 billion, which was recommended by the fiscal advisory council. That would have a very negative impact on the domestic economy at a time when we need confidence and certainty in it and on issues which are within the Government's control, such as upward only rent reviews, the partial loan guarantee scheme and the cost of labour, including the promised reforms of the JLCs and the REAs. That is where the focus must be. It is important we put on record the response by Government because we have not had a debate on that report. When does the Minister hope to have the council put on a statutory basis?

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