I welcome the opportunity to speak on this debate this evening. For the past four weeks the Opposition parties have been preoccupied with attacking various Ministers and individuals without any reference whatever to the major economic problems which are again surfacing in this country. They have made their attacks on a continuing basis and in so doing avoided offering us any glimpse of what proposals they have to reverse the present economic problems which this country faces. I find it incredible that two of the parties opposite, Fine Gael and Labour, are now laying down the law to the Government and chastising them for the manner in which they are running the country but while they were in office they brought this little State of ours to the edge of total economic collapse.
When they left office in 1987 the national economy had gone through four successive years of negative growth, the public finances had deteriorated to a state where we had the highest ever current budget deficit at 8.3 per cent of GNP and the national debt had doubled from some 12 billion to over 24 billion. There was a total lack of confidence in the economy, [594] international bankers were concerned that our economy was fast reaching the stage of almost total failure our internatinal competitiveness had vanished, our external reserves were at a dangerously low level and our interest rates were intolerably high. All of the foregoing had a demoralising effect on our country and its people. Unemployment was increasing at a rate not seen before, emigration was in full swing and the future held out very little opportunity for young people who were coming on to the jobs market.
When Fianna Fil returned to office in 1987 they took firm and decisive action which immediately started to rectify the situation. The firm and decisive action taken by the Fianna Fil Government in 1987 set in train an overall recovery in the state of our national finances and rebuilt confidence in our economy and country which had been lacking during the previous four years. A testimony to the success of the actions taken in 1987 is the new invigorated economy which we now have. The state of our public finances has been transformed and achievements since 1987 have been commended by many well respected external and national financial commentators. This transformation was brought about by a skilled and courageous management team. The Opposition parties had some audacity to criticise this Government in view of their own record in office and what has been achieved by this Government since 1987.

Since 1987 we have had a period of sustained growth, averaging some 4.5 per cent per year. This growth is a measure of the international and national confidence which has been restored since our party returned to power and which has been assisted by some favourable international considerations. Compare our borrowing requirement which was 12.8 per cent of [595] GNP in 1986 with the present level of 2 per cent. Our current budget deficit has been brought down from a record 8.3 per cent in 1986 to 0.7 per cent of GNP now. Total Government expenditure has been reduced from 55 per cent of GNP in 1986 to 41 per cent of GNP this year. The Revenue take was reduced from 40 per cent of GNP in 1986 to 36.6 per cent last year, thus leaving more money in the economy in order to prime our recovery.
This transformation has been the result of good management where difficult decisions were taken and sacrifices demanded in the national interest were made. One of the most striking figures which underline the success of this Government since 1987 compared to the disastrous administration who were in power from 1982-86, when there was the drop of 66,000 in total employment, is the increase of 40,000 in employment--

It is also worth noting that these additional jobs are being maintained even in today's difficult circumstances. However, a downside to this is that due to the international recession unemployment is still at an unacceptably high level.
A feature of the success of this Government is the successful efforts which have been made in the area of personal taxation. This success was essential to our economic recovery. The previous crucifying high rates of personal taxation were choking enterprise and stifling initiative. We have one of the lowest inflation rates in the European Community and lower interest and mortgage rates. The reduction in the standard rate of income tax from 35 to 29 per cent and the reduction from 58 to 52 per cent in the top rate of income tax have been very welcome. These improvements in income tax allowances and exemptions are of special benefit to PAYE earners.
I should now like to turn my attention to the recent spate of alleged scandals. These allegations, particularly those in relation to Greencore and Telecom ireann, are doing serious damage by distracting the Government's attention [596] away from the real economic problems facing this country.

Major decisions will have to be made within the next few weeks which will affect the future of our country. Yet, the Government are being distracted by events in which they have no direct involvement.

The rebuilding of public confidence in the political system and in Irish semi-State business will not be an easy task in the aftermath of these recent revelations. There is widespread public cynicism about certain sections of politics and Irish business. I commend the Government for setting in train high-powered investigations into these allegations. The investigations into the allegations concerning Greencore and Telecom ireann in particular will go [597] some way towards exposing what exactly went on in these companies. The public have become very alarmed at the spate of irregularities which seem to have been part and parcel of these businesses. I hope the investigations will give speedy results.
The events of the past few weeks were serious enough to warrant active consideration being given to recalling the Dil in order to debate them. The public are angered, dismayed and frustrated by these revelations. Irregularities have been exposed in the semi-State commercial area, an area in which public funds are involved. It is most disturbing that as these investigations are continuing it is proving very difficult to obtain answers to some of the questions which have been asked. I regret but must accept the ruling of the Ceann Comhairle in the matter of the Greencore allegations. I hope that at some time in the future we may be permitted to inquire about and comment on the happenings in what was then Irish Sugar.
Finally, I want to say calmly and without any degree of emotion or exaggeration that the public are greatly alarmed at the suggestion that some people appointed by the Government have failed to protect adequately the interests of the taxpayers and that substantial private profits have been made at the expense of the public through a lack of vigilance by board members, some of whom, as I have said, were Government nominees. We should remind the people on the far side of the House - Fine Gael and Labour - that it is absolutely ludicrous that they should suggest there is no confidence in this Government going on the dismal record of both parties between 1982 and 1987.

