Enda Kenny (Mayo, Fine Gael)

That is the Deputy's usual rant. I prioritise people over banks. The Deputy was not in the Chamber when I responded to Deputy Gerry Adams's question about bondholders and so on. The European Central Bank has made available to this country €110 billion, at an interest rate of 1%, to enable us to run services. The Deputy will agree that that is a phenomenal amount of money. He is engaging in magic finance methods in terms of his belief our bills can be met and that no one will have to pay as a consequence. It is not nice to have to stand up and say the money must be repaid.

The Deputy spoke about people's vulnerability, rightly so, and the impact of austerity and unemployment. The Government is focused on what it can do, within the limits imposed on us by virtue of our financial circumstances, to improve the lot of the people. In this regard, it has reduced PRSI contributions for particular sectors, removed 330,000 people from liability for the universal social charge, restored the national minimum wage, made available, through the Minister for the Environment, Community and Local Government, houses in NAMA for those in need of social housing and will, through the Minister for Jobs, Enterprise and Innovation, introduce an action plan designed to stimulate job creation, investment and sustainability, which I know the Deputy will support. Also, the Minister for Social Protection will bring forward a range of initiatives to ensure persons on the live register who want to contribute to the economy will have an opportunity to retrain and upskill, leading, it is hoped, to their finding a job.

Despite the doom and gloom, the standard comments of many, including the Deputy, between March and October last year 125,000 individuals moved off the live register. I acknowledge they were replaced by others, but this is an indication of the extent of movement within the labour market, which is what we need to capture. Decisions such as the proposed investment of €250 million announced two weeks ago are statements of intent to invest in the country. The Government wants to focus on increasing the indigenous economy and confidence in it in order that people can spend. It was for this reason that the Minister for Finance included in the budget the stipulation that mortgage interest relief be available for seven years to those who purchased houses. However, this does not apply to commercial activity involving the block purchasing of property held for seven years in order that no capital gains would accrue. These are direct stimuli to the indigenous economy in the hope it will start to move. Given the extent of money available, the Government is focused on attracting it, by way of pension funds and so on, for investment in job creation.

The two papers submitted by Ireland and a number of other countries which deal with the digital single market and its potential are due for consideration on Monday. The text submitted by Ireland and a number of other countries which will have a direct impact on growth is also due for consideration on Monday. These two issues are central to achieving progress at the European Council meeting and we will support them vigorously.

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