Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

On Deputy Michael McGrath's point, the European Investment Bank is engaged in quite a lot of activity, for example, a bundle of schools is being completed, co-financed with the EIB. European Investment Bank money is also funding the separation of traffic at Newlands Cross and the continuation of the road to Wexford. It is assessing the project for the health centres at the moment. That will also be co-financed. In addition, both AIB and Bank of Ireland have received EIB funds for re-lending purposes to SMEs, approximately €200 million or €250 million in respect of each bank. It is beginning to become very significant.

On the issues raised by Deputy Pearse Doherty, we will get assistance from Europe but we will have to do most of the heavy lifting ourselves. Our future is in our own hands. I do not believe in stimulus packages in Germany along the lines of investing in infrastructure. What we really want is for it to loosen its budgetary targets a little and the German workers at this stage, like those elsewhere, would appreciate a pay increase.

It is this kind of stimulation that the large creditor countries could pursue to benefit the euro. They could ease up on their budgetary controls and put more spending power into their economies. However, this is not at one remove through infrastructural investment. It is directly.

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