Martin Mansergh (Tipperary South, Fianna Fail)

Senator Twomey made a point, with which I agree. He said the next Government - I mean this in a broad sense - would be tied to commitments entered into by the Government. I have seen this operate at eurozone meetings and it is nothing particularly new. I remember that in the late 1980s the incoming Fianna Fáil Government spent three years paying the housing grants granted by the previous Government. Obviously, the current context is much more serious, but, in terms of broad parameters, the commitments made will, under the Stability and Growth Pact, bind a successor Government. In case that seems intimidating, the main Opposition parties agreed the broad parameters - a cut of €4 billion - in the budget last year; therefore, it would not be an impossible challenge.

Senator MacSharry raised a number of questions about pension liabilities. I will give him a more detailed note later, but the net point is that, because the Government took over certain pension schemes from universities and non-commercial State bodies, there was or will be no payment into the fund in 2010 or 2011 and there will be only a partial contribution in 2012. The Senator also made a point about the current pension fund standard. That matter is under examination. In reply to Senator O'Toole, many issues relating to pensions will be considered and reviewed in the context of the budget. Senator O'Malley spoke about pension payments of €100,000 per annum. The real cost of pensions can be associated with the large lump sums that are paid.

Senator Quinn rightly highlighted the importance to commerce of services. Many job announcements come from that quarter. One also needs fundamental sources of production, such as manufacturing, agriculture, tourism and forestry. Germany, which is the most successful economy in Europe, has not abandoned manufacturing for services. That would be a more accurate description of the British model, which I am not sure is a good one.

I agree with a point made by Senator Boyle. I try to restrain myself from offering any false confidence because it elicits a negative reaction, rather than a positive one. I agree with his point that over the last 20 years, we have acquired an entrepreneurial belief in ourselves - certainly inside this country - for the first time.

Like Senator Burke, I am conscious of the importance of tourism. We need to do our best to improve, make accessible and keep open the heritage facilities that come under the aegis of the Office of Public Works.

I disagree with Senator Burke's comments about the visit of the Minister for Education and Skills to the United States. Education is one of the services we can supply to the US and to more distant places like China. There is great potential in this area. I accept his point that the visa situation needs to be straightened out in some instances. A Bill on that issue is being discussed in the other House.

I believe in cutting out waste. Since 2008, my office has cut its budget by 35%. I have also slashed the cost of my personal office.

A number of speakers, including Senator Hanafin, emphasised the importance of relations with China. I fully agree with them.

While I appreciate that people should always tell the truth, at the beginning of a crisis period it is not always realistic to expect people to be able to get immediately to the bottom of every aspect of a fast-moving situation in which judgments may have to be revised. I accept that some things may have been said in bad faith, or may have been hopelessly over-optimistic, but I do not think it should be assumed that everything that has since been proven to be wrong was necessarily said in bad faith.

Reference was made to Commissioner Rehn's comment that Ireland will cease to be a low-tax country. As far as I am concerned, Ireland ceased to be such a country in late 2008 or early 2009. A table in one of today's newspapers indicated that Ireland now has the sixth highest level of income tax in the EU. On the other hand, our level of PRSI is very low by comparison with most other countries. I heard somebody say we should decrease it further. We are very competitive with other countries on that front.

Senator Alex White suggested the House should hear submissions from organisations like CORI. The committee system exists to bring such organisations in, question them and allow them to make presentations.

I am afraid that reluctantly, I do not agree with Senator Norris's comments about the nominal 50 cent prescription charge. Perhaps I would have agreed with him 20 or 30 years ago. The evidence of the introduction of the plastic bag tax etc., suggests that a great deal of waste can be cut out by means of a very low nominal charge.