Paschal Mooney (Fianna Fail)

We have all been aware during the past couple of weeks of his efforts in terms of relieving some of our debt burden. As stated by Senator Norris, the Government and Members on the opposite side of this House would be well advised to be somewhat cautious. This is not a panacea for the ending of our sovereign debt.

In an insightful article in today's Irish Independent, Mr. Brendan Keenan, whose articles I always recommend people should read as he gets to the nub of a matter, refers to a report by Goodbody Stockbrokers which states that while there will be a considerable saving over the period in question in terms of a possible reduction in the budget deficit, the gap between income and expenditure will remain. The Government will continue to have to borrow €15 billion per annum. It is important that the message that goes out from Government does not give any indication that there will be a weakening of its resolve in terms of reducing the budget deficit. As has been often said in this House, in particular by Members on this side, while austerity measures might work in the long they cause enormous pain, suffering and distress to people in the short to medium term.

It is important that the Government, in putting forward the view that it has been victorious - I do not wish to dilute the efforts of the Minister, Deputy Noonan, in this regard - it sends out the message that sadly austerity will continue. It would be irresponsible of Government and its representatives to say that because of the savings and technical nature of this financial transaction there will be a lot of money floating around. That would not in the best interests of the country in the short term.

I call on the Leader to invite the Minister for Arts, Heritage and the Gaeltacht, Deputy Deenihan, to the House. I acknowledge the Minister is always happy to come into this House to discuss his brief. However, following statements in yesterday's House of Commons budget speech by the Chancellor of the Exchequer there is a real possibility that the competitive edge which Irish television drama producers here have enjoyed is under threat. According to a report on this morning's "Morning Ireland" current television production in this country on behalf of the BBC provides more than 200 jobs. I would like the Minister, Deputy Deenihan, to come to the House to inform us how he intends to respond to this new initiative from the UK Government which will have a direct affect on television drama production here and jobs.

I formally second Senator Norris's amendment.