Pearse Doherty (Donegal South West, Sinn Fein)

In regard to the proposals from the fiscal advisory council on the scale of the adjustment, I agree that a reduction to 1% by 2015 is not a path that should be followed. However, this time last year the previous Government suggested an adjustment which has grown over 12 months by €2.6 billion. It went from €9.8 billion to €11.8 billion to €12.4 billion. It has grown by €2.6 billion due to a number of factors, including growth rates, interest rates and so on. If we were to see a further increase in the value of the adjustments to be made, is there a point at which the Minister believes we could not get to the 3% by 2015? In the past 12 months, we have absorbed an additional adjustment of €2.6 billion. Is there a point at which we say that this is all that can be taken out of the economy? Some €12.4 billion or €12.5 billion is not just what we are taking out. That is an annual amount. Has the Minister examined that?

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