Brendan Howlin (Wexford, Labour)

The constant down talking of our economy is not without its own consequence. We were bequeathed the most disastrous economic hand ever left to a Government. We have set out a strategy to get us to recovery. I have said to the Deputy that it cannot be done by balancing the budget alone, although that is an integral part which she has entirely ignored. We cannot continue to borrow €1.4 billion per month. There is only one borrower and it set out conditions on the terms of borrowing. The Deputy knows that because she is fully briefed in regard to these matters, but she wants to pretend life is otherwise.

However, the Deputy is right to the extent that we need stimulation of the economy as well, although not with magic money but with real money and that is why we have identified the National Pensions Reserve Fund and the pension funds which, hopefully, we can persuade or encourage to invest in this economy. We have established NewERA and the strategic investment fund as a precursor of a State investment bank. We are very much on the stimulus agenda and we will succeed in getting this economy right.

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