The household savings rate in Ireland is currently at a high level relative to its historical average. This reflects the need to repair household balance sheets, the uncertain external environment, weak labour market conditions and concern surrounding forthcoming budgets. My Department forecasts that the savings rate will remain at a relatively high level over the coming years but with a gradual moderation over the forecast horizon (2011-2015) as confidence returns to the economy. One of the major obstacles holding back investment in the Irish economy is lack of confidence and certainty about our future. This Government has acted swiftly and resolutely to rebuild this confidence. We have stabilised the public finances and recapitalised the banking system and are vigorously implementing the terms of the EU/IMF agreement which will see our deficit fall below the 3 per cent of GDP target by 2015. In addition there have been significant improvements in our competitiveness, and this has contributed to a recovery in our exports and a pick up in inward Foreign Direct Investment, which underpinned the expansion of GDP in the first quarter of the year.