It is important in this context that I correct some misinformed comment made in relation to budget 2003 and particularly the Government's handling of public expenditure. An often repeated erroneous claim is that the tighter budgetary stance adopted in relation to public expenditure in 2003 was because of budgetary profligacy by the Government in earlier years. The record proves this to be a wrong suggestion. In reality over the period 1997 to 2002 the Government and its predecessor ran up accumulated Exchequer surpluses of €6 billion. It reduced the debt-GDP ratio from 65% to 34%. In a notable act of prudence and budgetary foresight it established the national pensions reserve fund to help provide for the major pensions burden which will face the State in the coming years. Commentators have questioned the level of improved services we have secured for this investment. It is undoubtedly true that we must try at all times to ensure optimal value for money for investment funded by taxpayers and I will refer to this and other expenditure management issues shortly.