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

I thank the Deputies. They made some very valid points. They highlighted that there are many needs today. There are definite needs in the future. The demographic costs are real with respect to pensions, home care, nursing home care and so on. Those costs are real, we need to provide for them in the future and my colleagues have acknowledged that. We already have a significant national development plan, a public capital programme with a budget this year of over €12 billion. We also have the strategic investment fund, which has up to €4 billion available for investments in Ireland on a commercial basis. That offers some scope as well.

I am conscious that in the past when we have entered more difficult economic periods, suffered a shock or entered a downturn, the victim on the budgetary side has often been capital expenditure. We need to examine ways we can ensure we have funding there to ensure capital spending does not collapse in the event of a future economic shock.

I acknowledge the points the Deputies have made. Deputy Moynihan made the case for investment in disabilities and the need for more capacity there. Deputy Smith made the case for more investment in rural Ireland. I am signalling there is a willingness to do more on public capital investment. The Minister, Deputy Donohoe, is working closely with his colleagues across Government in the context of the public capital spending profiles and the national development plan. It will be a consideration in what we do overall as a Government with the projected surplus over the next number of years. The whole issue of capital investment is an important part of that mix overall.

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