“I would like to congratulate Brian Lenihan on his appointment as the new Minister for Finance. This is a great honour for Brian personally, but also for his family and his supporters in Dublin West.

“He takes the reins of the economy at a very challenging time. 1600 people are losing their jobs every week; consumer confidence is at rock bottom and the cost of living is roaring ahead of wage increases.

“In some ways, Dublin West is a microcosm of the Irish economy at large. We have seen a huge construction boom over the past decade, but we are now seeing rising unemployment as work on building sites dries up. Dublin 15 has been successful in attracting significant inward investment from big multi-national companies like E-bay, IBM and Alcatel. With job losses in Dell recently, now is not the time for complacency about attracting and keeping big employers.

“Brian Lenihan has said that he has one of the most important abilities of any Finance Minister worth their salt – the ability to say ‘No’.

“However, as the man in charge of the purse strings, Minister Lenihan will be expected to fulfill a number of the absolute promises that FF made to the electorate in Dublin West.

“FF have promised for the last ten years the development of a gym for Castleknock Community College and now it appears to have been long fingered again. Many local people are very worried about the proposed cut-backs in Connolly Hospital which we were promised would not happen.

“Dublin West is one of the key centres of the new Irish economy. Its future prosperity very much depends on this Government being able to get right a critical mix of policies that both promote an infrastructure such as public transport, education from pre-school to 4th level and quality health services.

“Much of the new Minister for Finance’s difficulties have been created by his predecessor and now Taoiseach, Brian Cowen, TD, who before the last election boosted the building industry and house prices to completely unsustainable levels. The consequence has been a recession which may be deeper and last longer than should have been the case.

“The approach of the new Minister in managing this difficult situation will be critical to the future of so many families in Dublin West, both people working and people who set up their own businesses and are now under severe economic pressure.

“As Labour TD for Dublin West, I can promise Minister Lenihan robust opposition in the Dáil from the Labour Party when this Government fails to live up to commitments that they have made to working people.

“I will be happy to cooperate as always with the Minister on advancing investment in Dublin West in transport, schools and community facilities such as the development of much needed sports clubs for local GAA and soccer clubs.