Brendan Howlin (Wexford, Labour) | Oireachtas source

The notion that we can have a debate as if we are in a vacuum and not in an economic crisis that every household in the country knows about never ceases to amaze me. I am acutely aware, as is the Government, of the pressure on citizens throughout the State because of the economic catastrophe that the country met due to bad political and economic decisions made in recent times.

The Deputy is referring to a survey done by the Irish League of Credit Unions. It is interesting to note that the Central Statistics Office publication of 14 January contains some interesting facts on savings. This is factual and not based on surveys or opinions; these are factual issues. The gross savings ratio increased in the last quarter of last year. Savings were at an unprecedented level of 14.5% and increased in the last quarter of last year to 16%. The normal level of savings in a functioning economy is of the order of 7%.

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