Michael Noonan (Limerick City, Fine Gael)

There are some things in the capital budget we do not need now in a smaller economy. We must be realistic about these things. Senator Mooney will know how the Keynesian model works - where there is a multiplier effect. We are such an open economy now that the multiplier effect on capital investment is about one and not much more than that. Therefore, we do not get the ongoing bang that they got in the new deal in America in the 1930s in a closed economy, because any benefits leak out almost straight away.

I think I have answered all the questions. Thank you.