Enda Kenny (Mayo, Fine Gael)

The investment programme mentioned by Deputy Higgins is a €17 billion capital programme. It is not true that all money must be paid to reduce debt. We have already negotiated with the troika that in the event the Government disposes of any assets or partial assets, on a case by case basis, consideration can be given for some or all of those proceeds to be used for job creation or investment.

I raised the reduction in the debt burden with the Chancellor and the German Minister for Finance, Mr. Wolfgang Schåuble. In respect of the technical discussions that must take place, the Chancellor was clear in her support for Ireland and in her encouragement for small countries in the bailout situation. I spoke subsequently to the Finance Minister about co-operation with Ireland's efforts to find a further debt reduction which is so important to us. If this crippling burden of €3 billion a year had not been placed on our people, our debt levels would be below the European average and would make the situation manageable. That is where the challenge lies and where we will continue to work on behalf of the people.

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