Martin Mansergh (Fianna Fail)

The Bill is the fulfilment of a key election pledge which became a major strategic section of the programme for Government. The Bill and the initiative reflect the importance that Fianna Fáil has attached for over 40 years to the development and improvement of our infrastructure. It reflects an interventionist and Government led approach, which refers back to the programme for economic expansion which began in the late '50s, the 1981 investment plan, The Way Forward – which was not implemented because we went into Opposition – and successive national development plans, of which the latest, dating from the year 2000, is by far the largest.

One notes that in the period 1974 to 1997, Exchequer capital spending rose from £1.1 billion to £1.6 billion. Even with a slight cutback, this year it stands at €5.4 million or £4.2 billion.

There was no Exchequer investment in railways until Fianna Fáil and the Leader, when she was Minister for Public Enterprise, changed the policy. This development must also be seen in the context of a long line of financial innovations. How many people were sceptical about the NTMA when it was established in 1990? Everyone now accepts that this body, which has cross-party support, has proved its worth. I recall sitting beside Charles Haughey as he explained the concept of the NTMA to journalists in the middle of the 1987 election. This initiative belongs with the IFSC, self-assessment, tax credits and a whole series of financial innovations.