Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

I am a little bit disheartened by the Minister's reply but he did leave a chink there that he is reviewing this.

I will move to what used to be called the golden rule, namely, that one only borrows for capital. This is a stringent test on the probity of public spending. Does the Minister agree that we are facing significant capital needs, particularly in climate and housing? Just to illustrate this point, do we not need to see the Land Development Agency build up a land bank in Cork in order that it can become a strong magnet for growth? I suspect the city does not have the resources to do that. Are we not at a stage now where the EU is reviewing its approach to the old balanced budget model and we have an opportunity for a developing country like ourselves to set out the new golden rule approach of borrowing money for capital?

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