David Cullinane (Sinn Fein)

I refer to the last point made by the Minister of State. This is precisely why we need a university for the region. Some people maintain that if a university were in place, there may be greater research and development opportunities and we might not have seen the job losses announced at GlaxoSmithKline. The Minister of State is correct to suggest this is about reducing costs in the company. The company wishes to reduce costs by €10 million. The costs of these job losses will be €3.3 million. However, the money being borrowed from the IMF and put into the banks, the cost of the bailout to the State and the profit which our European partners will make will be in the region of €9 billion. Yet, such companies are struggling and need support.

I thank the Minister of State for his response. I welcome that the Minister of State will visit Waterford Institute of Technology but I hope the Department of Jobs, Enterprise and Innovation will consider the town of Dungarvan. I do not share the Minister of State's view that IDA Ireland is doing its best for the town. There have been no major investments in the town in recent years. There have been major job losses but no new opportunities. I hope the Minister of State will take this on board.