Frances Fitzgerald (Fine Gael)

I would like to move an amendment to the Order of Business to allow a discussion on the economic situation, as requested last week. A number of new reports published in recent days have given us further reason for concern. In April 2008, the current Taoiseach stated that he was not worried about the slowdown in the construction sector. In September 2007, he stated, "Our economy is stronger than at any time in our country's history." One must question his actions as the Minister for Finance. Dr. Alan Barrett, author of the ESRI report, stated, "Everyone knows the downturn in the public finances is because Government blew the finances from the boom which everybody knew would be temporary".

A further report yesterday is cause for concern because it stated that, in comparisons between the first quarter of this year and the first quarter of 2007, GDP fell by 1.5%, the output of new houses fell by 30%, industrial production registered a decline and the private sector is contracting. Last week, Senator Ross and other Members referred to the banks, which will appear before a committee tomorrow. What contacts have there been between the Government and the banks?

People are worried. It is a question of facing reality, trying to determine precisely the economy's state from the Government's perspective and how the latter intends to handle this serious situation. Frontline services are suffering cutbacks.