Sean Barrett (Independent) | Oireachtas source

I welcome the Minister, Deputy Bruton, to the House. It is always great to see him here. I was involved in the Culliton report which provided previous Governments with advice on this problem. As stated by the Minister, a great deal of progress has been made. The Nobel prize winner in economics, Professor Pissarides, from Cyprus who spoke in this House recently was keen on flexible labour markets, internships and not giving young people money for doing nothing by having them stand in for staff on maternity leave.

One of his themes is that something other than just the dole should be available for young people. We will obtain a full copy of his speech and forward it to the Minister and his officials.

I accept that the reorientation of the banking system is necessary. Between 1998 and 2008, the level of credit advanced by Irish credit institutions rose from ¤66 billion to ¤392 billion. Only 1.9% of this went to either agriculture or industry. I have tabled a measure in this regard to which I hope the Minister will give consideration. I refer to the Mortgage Credit (Loans and Bonds) Bill 2012, which advocates that we should adopt a system of mortgage provision similar to that which obtains in Denmark. If we can get Irish banks out of lending to those who wish to purchase homes - which still accounts for 75% of their business - and encourage them to lend to industry instead, this would provide a terrific boost. Apparently, the Danes have pension funds which are willing to invest in mortgages. I understand that at one point IDA Ireland had plans to bring the Danes into the IFSC. If we moved to the model to which I refer, there would be a different way of financing housing and we could free up the money the Minister needs for the microfinance programme, etc.

There is also a need to reorient the education system, particularly in the context of languages and maths. Too many language departments in Irish universities have been put under pressure. As Senator Clune indicated, approximately 80% of maths teachers do not possess qualifications in maths. This is not of assistance when there is a mismatch between the jobs being brought into the country and the qualifications of those who are unemployed. I understand the Minister of State, Deputy Sherlock, is interested in changing the position in this regard.

On the efficiency of sheltered sectors and the McLoughlin report on local government, Limerick had twice as many local authority staff per head of population as south Dublin. It is a good idea to amalgamate the authorities involved in this regard. All the sheltered sectors must be addressed. Industrial policy is not just the responsibility of the Minister, there is an issue of total competitiveness here. There is also a need to examine upward-only rent reviews and the practice of lobbying for tax breaks which do not result in jobs being created.

I have run out of time but I wish to state that those of us on this side of the House will support the Minister in respect of any action he proposes to take.