Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Minister should have been fairer in his analysis in regard to the passing comment he made to external factors. He never had the good grace to acknowledge the favourable external factors the Government and the country are benefitting from, the historic low interest rates which he knows are extraordinary - that a country like Germany is being paid money to borrow and that Ireland can borrow money at less than 1% over a ten-year term. The Minister knows this will not continue and knows this is being driven by ECB policy. It is being driven by the massive quantitative easing programme by the ECB, the Bank of England and the Fed. The Minister knows that, but it warranted only a passing mention in terms of the risk this country is facing.

As an export-led economy, the Minister knows well that the current foreign exchange rate and weakness of the euro has transformed the export landscape within which companies are operating. However, he did not see fit to acknowledge that or even to mention it as a risk for the economy. Nor did he mention the strength of our trading relationships with the United Kingdom and the United States, which thankfully have insulated us against a pretty anaemic eurozone economy. The drop in oil prices did not do us any harm either. The Minister could at least have acknowledged all of these factors.

There was no mention today of the bank debt deal. I assume that is dead in the water. The Minister spoke about national debt and banks, but did not mention the bank debt. Will he come clean with people and acknowledge that the June 2012 game-changer or seismic shift will not happen or that Government policy has changed? He has been dropping little hints here and there in a cute way, but he should just come out and say it. The bank debt deal seems to be off the table and the Minister should acknowledge that.

What the people want is a fair recovery. We want the Minister to be honest in what it is saying to people. We want a progressive recovery that will benefit all parts of the country and all sections of society. Today was a self-serving exercise for the Government in congratulating itself. People will be deeply disappointed.

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