Noel Ahern (Dublin North West, Fianna Fail)

I am sorry but I thought I should gently remind the Senator.

We accept that the country is entering a new cycle and that growth of 4.75% is low compared to growth experienced in recent years. Next year the rate will be around 3% and we are in a slight downward spiral but these figures are still impressive and most of our European partners will be impressed.

The Senator may be critical but I am glad he acknowledges that this year's budget, expenditure and revenue receipts have come in broadly on target. The past few years have been marvellous and few predicted how successful the country would be. Historically we were locked in a mindset that saw annual economic growth of 4% to 5% as huge and noting that the Government and Department of Finance did not estimate growth of 8% to 10% as a hollow observation.

The extra revenue that has been available in recent years has been put to good effect. The national debt was a major topic of conversation for the man on the street 20 years ago but much of the revenue received in recent years has been used to pay off part of it. This has given us a base to allow us handle future problems, challenges and opportunities.