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Seanad
‹ Order of Business

Mid-term economic review

Summary

Senators seek a new-year debate with the Minister for Finance on the mid-term economic review and supportive ESRI forecasts.

Will the Leader arrange a debate with the Minister for Finance in the new year on the mid-term economic review that was published yesterday? The report has been criticised by some for not being ambitious enough and by others for not being sufficiently cautious. The projections contained therein seem to me to be very realistic. The House should avail of an opportunity to discuss that document, together with the ESRI data that were published this morning. The ESRI is positive in its outlook, predicting that increased domestic demand and reducing unemployment will contribute to greater than expected growth. There is much food for thought in these reports.

A "Prime Time" report last night outlined how a charity that provides residential places for drug addicts subjected some of those individuals to serious abuses. It is completely unacceptable that the operations of such organisations should be entirely unregulated. That situation must be rectified.

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I welcome the confirmation by the Minister for Communications, Energy and Natural Resources, Deputy Pat Rabbitte, of the appointment of Mr. John O'Connor as chairman of EirGrid. I attended the Oireachtas committee meeting at which Mr. O'Connor remarked that he himself would not like to live close to a pylon. I hope he brings that approach to the affairs of EirGrid. My correspondence in recent weeks certainly suggests that his is the majority view on this issue.

I second Senator Clune's proposal that the Minister for Finance come into the House in the new year to discuss the medium-term outlook. The Federal Reserve in the United States is holding a meeting today on tapering or the reduction of quantitative easing, which is essentially the banker and stockbroker dole. A potential consequence of that will be the end of five years of virtually zero interest rates. The Department of Finance must re-evaluate its forecasts and investment appraisals to take account of these changed circumstances.

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