Richard Bruton (Dublin North Central, Fine Gael)

Under the strategy the Government has articulated, we have restructured the banking system. We have pillar banks which have proper capitalisation ratios. They have low loan-to-deposit ratios and can be turned into engines to lend into the domestic economy. We have developed a banking solution and although it was signalled that we might require €24 billion to deal with it, the figures are now much lower because the Minister for Finance renegotiated the deal with subordinated bondholders in Anglo Irish Bank and secured new investment. That has been a success. The stress tests applied by the Government have been found to be robust. We have renegotiated the terms of the deal with the European Union and the IMF and in the long term that will be worth billions in savings to the taxpayer. The strategy adopted by the new Government must be seen in its totality. It is one that has been seen to re-establish credibility in the economy. Of course, one can say we should have done this or that, but the complete strategy which has been deftly handled by the Minister for Finance and the Minister for Public Expenditure and Reform has delivered results.