Working towards a strong recovery - Minister Dara Calleary at the Galway East/Galway West Conference

In 2009 tough action made sure that Ireland stabilised its economic situation. Ireland suffered worst than most, but is also responding faster than any.

That is why European Central Bank, the International Monetary Fund, the EU Commission and the OECD are saying that we made the rights decision and that with continued resolve we can build a strong recovery.

Stabilising public finances and the financial system are essential parts of the foundation for recovery – but equally important are measures to support businesses to save and create jobs to help families affected by the recession.

The steps taken by Government in the Banking Recapitalisation Plan and NAMA have been taken with these crucial issues in mind. If we do not return confidence to our banking system, our lending rates will be more expensive and this will greatly limit our spending power into the future. The steps we took will also provide certainty and engender confidence amongst our trading partners and our investors. It will also keep down the cost of borrowing money on the international market, which will mean that our Budgets will stretch further, and benefit more people.

In his speech here in Galway last weekend Labour Party Leader Eamon Gilmore said his Party made the right ‘judgement calls’ when it comes to resolving the banking crisis. Nothing could be further from the truth.

They have opposed the Government on every decision it has taken to stabilise the banking sector. They opposed the bank guarantee system without which our banks and subsequently, our economy, would have collapsed.

They proposed the nationalisation of the banks. The only other country that has fully nationalised its banks is Iceland. Are they saying that Iceland got it right and every other country got it wrong?

How can the Labour Party come to Galway and criticise the achievements of the Government. Did they travel to the City of the Tribes on the Western Rail Corridor or via the Dublin to Galway motorway? Were they not gathering on the rapidly expanding and progressing NUI, Galway campus?

They may have noticed the traffic in the city. This is a problem, but one which has not been helped on its way by the Labour Party who have yet to declare their support for the much-needed Galway City Outer Bypass.

People are worried. They are concerned about their prospects. That is completely understandable given the events of the last year. But reports show that consumer confidence is rising, retail sales are stabilising and unemployment has peaked. We are on the road to recovery and only a Fianna Fáil led Government has the courage to take the necessary steps to complete that process.

Now that we have put the mechanisms in place to fix the banking system our economy will grow faster as a result.