Terry Leyden (Fianna Fail)

Exactly, that was before the fall on the road to Damascus. The Government has returned €5 billion to the people in tax reductions since 1997. The national debt has more than halved. Some €1.7 billion that was previously spent on debt is now available for investment in services. In education, we have invested considerably in schools, etc.

I also would be concerned about Fine Gael's proposal in its last manifesto to raid the pension fund that we have built up for the future. Nobody, not even Deputy Rabbitte, has suggested raiding that fund to pay for whatever investment. That fund is untouchable and the Minister of State at the Department of Finance, Deputy Parlon, must ensure that we leave that fund building up. That fund, which is a tribute to the former Minister, Charlie McCreevy, has been continued by the Minister, Deputy Cowen.

I thank the House for the opportunity of speaking on this matter. We in the Fianna Fáil Party are responding in like fashion to the audacious statement by the leader of the Labour Party last Saturday. It has been exposed by the Minister for Finance as hypocritical, unworkable and unfeasible without overall policies. I cannot see why the Fianna Fáil-Progressive Democrats will not continue with meaningful, realisable and achievable tax reductions, and the people will respond in May when the general election occurs.