Michael Noonan (Limerick City, Fine Gael)

I do not know whether they got that advice, but that was the situation. Many of the credit unions are fine, but several were seriously impaired. Therefore, one should check the facts before running with what one is told. There is some mismanagement and, naturally, people who mismanage will give their side of the story. The issue must be approached systematically. I appreciate what the Senator said.

I made it very clear when I announced the jobs initiative that it was costed over a four-year period. It is a four-year programme rather than a six-month programme. The Senator is right that there is more revenue available in the six months to the end of this year than is necessary to fund the jobs initiative, but that balances out over the four years. It has been costed to be fiscally neutral over the four years, but not in the first six months. Obviously, the jobs initiative came in from 1 July and the levy on the pension fund is a full year levy. There is nothing new about that and I explained it in detail when we were discussing the jobs initiative and when we had a short finance Bill to implement it.

I thank Senator Crown for his complimentary remarks. I am glad the original cancer initiative was continued, despite the gap in the middle. We now seem to have a pretty good cancer treatment service. I thank the Senator for putting my esteemed age on the record. I suppose all I can do is return the compliment and say that if it had not been for the Senator's profession, I would probably not be standing here today.