Enda Kenny (Mayo, Fine Gael)

Even Deputy Ross in all his wisdom cannot indicate what that might be. It is down from 14.3% to 14.2% according to the latest figures. I want him to understand that the €17 billion capital programme which is laid out for the duration of this Government's lifetime is but part of the measures we are considering. We have been speaking with the European Investment Bank in regard to its potential and have held discussions with the social partners about the possibility of going after pension funds for investments.

In regard to other outside investors who are interested in doing business in Ireland, the interest in respect of the reputation of this country has certainly changed in the past six to eight months and decisions announced by a number of multinationals speak for themselves. At a time of great economic confusion, the fact that they are prepared to put their money where their mouths are based on the quality and the productivity of the Irish workforce, achieving the objectives they set for themselves and the increased competitiveness in the Irish economy clearly signals strong intent and confidence.

The smaller signs, such as the debt swap and the drop in yields from 14% to 6% or 7%, are important. They do not mean we have arrived where we want to be but they are significant signs of confidence. While there is a long way to go, the leaders of the Council can now begin to focus on the growth agenda and job provision. I made this point at the meeting. For example, if a firm in Ireland wants to patent a product on which it has carried out research, it costs approximately €32,000 to have that patent endorsed. That should not be the case. In the United States it costs €1,500 or €1,800. We want to move to a position where our young entrepreneurs and companies can avail of the opportunities and potential of the Single Market. For too long, Europe has been bogged down in inter-institutional wrangling, to the detriment of concentrating on what we should be doing, namely, making political decisions that would allow the economies of each of the individual members of the eurozone and the European Union to flourish. That is in our interest as an exporting nation and that is where our focus will be during our contributions at every Council meeting.

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