Marc MacSharry (Fianna Fail)

In making a point on behalf of the Irish, it is not a question of abusing privilege. In talking about a programme broadcast last night one is not abusing privilege; one is simply using it, as I am well entitled to do on behalf of the people.

The Minister for Finance mentioned a number of measures to tackle unemployment. Job creation requires that the public finances be put back on a sustainable path. Unless we and businesses have confidence in the banking system, we will not be able to move forward. I acknowledge Senator Twomey's comment that credit is not flowing to the extent it could be. As somebody who has maintained a small business, I can confirm that is beginning to happen. ISME acknowledged at its conference recently that its members were beginning to see a trickle. However, I do not want to see a repeat of the reckless lending where money was thrown at people without appropriate business plans. We must be realistic about assessing the potential of businesses to survive and succeed. I am hopeful that will be the case.

The live register is stabilising. According to yesterday's CSO figures, the number signing on decreased by 5,400 between August and September, which is hugely significant. Total unemployment now stands at 13.7% or 442,417, of whom 62,000 are in part-time employment. We can focus on all the negatives we want and there is no question that an unemployment rate of 13.7% is disgracefully too high, but the House should remember it was 18% in the 1980s. We got through it and we will get through this one too. We will learn from the mistakes of the past, but let us not focus on the blame game, as that will happen in due course. People will have their pound of flesh in regard to bankers and will have the opportunity to assess the Government on its entire term in office rather than individual aspects of policy.

Various schemes have been put in place during the year to encourage job creation and maintain jobs. A €36 million investment has been made in a PRSI job incentive scheme to create up to 10,000 jobs. This means an employer who creates a new job for someone who has been out of work for at least six months will be exempt. The six-month requirement should be removed and the scheme should be open to anyone who is out of work. The integrated plan for trade, tourism and investment in the next five years aims to create up to 300,000 jobs and boost exports by one third, which is important. The national retrofit and water investment programmes will create 9,000 jobs. Almost €600 million has been set aside for the schools building programme this year and it is set to create more than 5,300 jobs. Summerhill College in Sligo is undertaking a significant development and I look forward to the tender and the employment that will create. This investment will reach the entire nation, not least my own constituency. The number of training and activation places has increased this year to 157,000, up almost 90,000 since 2008. That is also significant but, again, we do not hear about this on the Vincent Browne show, the Jerry Springer show or "Frontline". The community services programme and the rural social scheme will be significantly expanded to accommodate up to 40,000 people over the next year.

On capital investment, unlike what Senator Twomey said, there is a commitment of €40 billion over six years. That equates to 5% of GNP, or more than twice the European average. The Senator should not tell the House, therefore, that things are not being done. Even from an Opposition perspective, we should say these are the good things being done and that this is what should be done on top of it, rather than just moaning about who blew the benefits of the boom and engaging in the pantomime politics of the past. We must look to the future.

I have a number of suggestions to make. Currently, 1% of GNP is invested in the National Pensions Reserve Fund. That was prudent in the past and will be prudent in the future. Should we examine freezing the investment of approximately €1.2 billion in the fund for a few short years, as that would help significantly? Irish pension liabilities are based on the German yield curve which is substantially different from the Irish yield curve. Should they be based on the Irish yield curve? The percentages are used to value future liabilities of pension funds. If we were to do this, the value and solvency of the funds could increase but, more important, greater demand could be created for Irish debt. Irish institutions only own 15% of Irish debt. Perhaps the Minister of State might refer to this. It is a suggestion which may be unfounded, but I just want to show that at least I put my tuppence worth into a process that will be difficult.

This morning and yesterday on the Order of Business I highlighted the difficult process ahead in framing the budget. There is no question that it will mean pain for everybody. Implementation of the Croke Park agreement and the savings it will achieve will be paramount. We might have to make even more savings; I believe we will. We must be creative and proactive in doing that and, at all times, be united in trying to ensure that in cutting services — some will have to be cut because we cannot afford the amount of public services we are currently paying for — the most vulnerable are least or, if possible, not at all affected. However, let the message from this side of the House, in the first economic debate of the new session, be that we are fully determined to deal with the issues. In this session let there be no negativity, just positivity in assuring the public that all Members of these Houses will take the necessary actions, that there is light at the end of the tunnel and that we will ensure that this will continue.