First, there is phased deficit reduction projected to bring Government debt under control and declining by 2014. After the period of political uncertainty engendered by the run-up to the General Election, the new Government has reaffirmed the fiscal objectives of the Programme and specifically to the 2011 and 2012 budgetary numbers.
This is key to reducing risk and restoring confidence, but I will say no more about it here. Second, accelerated resolution of the banking crisis for which we would have hoped to turn the corner already, but has proved to be on a scale which has challenged available policy tools. The banking strategy thus involves further recapitalisation and accelerated downsizing.