This country has come a long way since we introduced the State guarantee 18 months ago. Back then, our banks were on the brink of financial collapse and our economy had gone into reverse. Revenue had fallen steeply and unemployment had risen sharply. For the first time in a quarter of a century, we were experiencing negative growth.
Economic activity remains weak and we face further difficult decisions. But the crucial difference is that we now have a credible fiscal position. That is because over the last two years, we have introduced budgetary adjustments of more than €15 billion. As a result, we are now in a position to stabilise the deficit and we are on a firm path to economic recovery.
This adjustment has imposed a heavy burden on our citizens. Taxes have increased, public sector workers have suffered significant reductions in their pay and social welfare payments have been reduced.
Statement by the Ministser for Finance, Brian Lenihan, TD, on the banks - March 30, 2010 can be downloaded below
NAMA first loan transfers - March 30, 2010 can be downloaded below