Brian Lenihan Jnr (Dublin West, Fianna Fail)

-----and how we ensure this return to growth is not squandered and wasted by unnecessary arrangements that waste public money in the delivery of public services or expenditure. In addition, let us ensure that this return to growth is marked by a renewed commitment to the reform of our public service, to competitiveness at every level, to flexible work practices and above all to education, which already has given Ireland one of the best educated workforces in Europe. While quantitative investment in education is highly important, qualitative assessment is important and one must attend to standards and ensure they are being maintained. This is what will keep Ireland in the first class league in the years ahead.

I will return to the issue of bank default for a moment by referring to one of the biggest arguments made against it by our European partners - I am sure that awareness is dawning on all that we cannot do this without their support. One of their biggest objections to it in Ireland's case is that Ireland still is a very wealthy country by European standards. It is considerably wealthier than the countries we are asking to permit us to default. It is difficult to persuade a poorer country than one's own that one's country should be allowed to default. It is time that people in Ireland reflected on these realities when having their national debate.

One success story of the Irish economy continues to be the international financial services industry. The International Financial Services Centre, IFSC, has been in existence since 1989 and has been one of the key drivers of Irish services export growth. As part of that strategy, the funds industry has been one of the main success stories. Even in the current environment, it is long recognised that consistent Government policy is an essential condition for the continued success of the IFSC. It is interesting that despite Ireland's very disappointing sovereign rating, it bears no relation to the viability and robustness of Irish funds. Moreover, it is important to allay any misplaced concerns that may have been voiced and to emphasise that the Irish governmental and regulatory commitment to supporting the financial services industry, based on a firm and robust framework, now clearly is in place. Senator Ross always has taken a strong view on this issue and whatever our differences may be, he must accept that there has been a huge transformation brought about in the regulatory system on foot of the appointment of Professor Honohan and Mr. Elderfield.