Enda Kenny (Mayo, Fine Gael)

Deputy Ross is well aware of all of the factors that influence growth rates. The growth rate set out by the Department of Finance on behalf of the Government is an average, medium-term rate which we expect to be able to meet. When the troika came here at the start of its ten day visit it outlined very clearly that the period ahead would be the most challenging in respect of three areas, namely, meeting the budgetary targets that were set out, dealing with State assets and dealing with continued movement in respect of banks.

Yields, which stood at 14% last year, have fallen below 8%. This is an indication of volatility and, in our case, some degree of rising confidence, although we obviously have a long way to go. There is probably not an economist in Europe - and Deputy Ross is a respected economist - who can give a definitive verdict on the growth rate for any country because of global volatility and the fact that changes can occur instantly. We believe the targets we have set out will be achieved in 2012 and the Minister for Finance has been consistent on that issue. It is my belief that if the political process at European level is able to deal with the eurozone crisis, both in terms of the scale of the firewall to prevent contagion and in finding an approach to fiscal responsibility and conditions that apply to countries which are able to meet their demands, we have 1,000 engines in this country to help us achieve the growth rates that have been set out. The figures are medium term and we believe they can and will be achieved. We live and operate in a period of great volatility and uncertainty in Europe and the world. It is very difficult, given all of the factors involved, to give a precise definition of what growth rate will be achieved at the end of 2012. I am sure Deputy Ross understands that clearly.

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