Feargal Quinn (Independent) | Oireachtas source

I draw the attention of the House to an American investment company, Franklin Templeton, which invested ¤8.5 billion in Irish bonds last year because its investor, a man called Mr. Hasenstab, decided that he had confidence in Ireland. At a time when those in other countries were saying: "look at what is happening in Europe, we do not have confidence in any of those countries", he said that his company was going to take an investment decision. That company invested ¤8.5 billion in Irish bonds at a time when the Irish rates were way over the top and he has made a great deal of money on his investment and for his company's pension funds. The reason I mention that investment is that we in Ireland need to have that sort of confidence in ourselves. I find that too often too many of us say we will save rather than invest or start a new business. Our savings are now very high, much higher than they have been for many years.

The reason is that many people are saying they do not have confidence. If we could only instil in Irish entrepreneurs confidence to invest in the country, we could demonstrate the same success with our investment as Mr. Hasenstab has demonstrated with his.

I can understand the feelings of Senator Mary Ann O'Brien on foreign aid. Senator Mullins put very well his point that Ireland is one of the wealthiest nations in the world and that there are people starving and dying elsewhere. We have an onus to look back at what happened in Ireland during the Famine days, during which we criticised others because they did not help us. Those people in Africa who are starving and dying from hunger will have every right to look back on us in some years and label us a wealthy country that decided to reduce its investment in foreign aid. We must continue to invest and we have a responsibility to do so. The people in Africa deserve this.