Eamon Gilmore (Dún Laoghaire, Labour)
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Question 49: To ask the Minister for Enterprise, Trade and Innovation the steps he is taking to combat the continuing high level of unemployment as indicated by the live register figures in respect of May and ongoing announcements of job losses; and if he will make a statement on the matter. [24341/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
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While I am very concerned at the continuing high level of unemployment as indicated by the May Live Register figures, it has to be regarded as positive that the figures have largely stabilized in recent months and the current priority for Government is recovery and growth.

As the Taoiseach made clear in a recent speech, the whole thrust of Government policy in relation to the restoration of fiscal stability and a properly functioning banking system is to create the conditions in which economic growth will recommence and jobs will be created. It is clear that the decisive action taken to date is bearing fruit. The latest exchequer returns show that tax returns are on target for the period to end April indicating that this Government's firm action to correct fiscal imbalances has taken effect. The evident determination of the Government to take the necessary actions, however unpopular, to tackle this problem and our equally determined actions in the banking sector have significantly restored international confidence in Ireland as evidenced by recent announcements of further investment in Ireland by IDA clients.

At every level of Government activity jobs are at the heart of our strategy. For example,

· The public capital investment programme for 2010 is expected to support almost 70,000 jobs in the economy and non-exchequer capital investment for 2010 will be €3.4bn, which is expected to support a further 30,000 jobs.

· IDA Ireland has launched a new strategy, which sets the target of 62,000 new jobs over the next five years – which will generate an additional 43,000 knock-on jobs elsewhere in the economy.

· Enterprise Ireland is targeting the creation of 40,000 new jobs over the next five years and through the multiplier effect, this is expected to lead to an additional 28,000 jobs elsewhere in the economy.

· The Report of the High Level Action Group on Green Enterprise, published in November 2009, has identified the potential to create approximately 80,000 new jobs in Ireland over the coming years.

· Implementation of the recommendations of the Innovation Taskforce will create the environment for even more jobs to be created in new, innovative sectors of the economy.

In addition, the Government has taken decisive action to get credit flowing again to business particularly to Small and Medium Enterprises which are the main source of employment in the economy. Undertakings required of the main banks in the recent recapitalisation exercise will ensure that these banks repay the debt they owe to the Irish taxpayer by restoring the flow of credit to enable business to exploit the opportunities offered by recovery in global markets. I have met with the banks and will continue to closely monitor their activities to ensure that they fully honour the commitments given in this regard.

These actions taken by this Government will ensure that the Irish economy is well placed to take advantage of international recovery and restore growth in economic activity and employment.