Fine Gael and Labour opened their eight-month-long general election campaign this afternoon with their joint document on mental health policy.
The announcement comes in response to the Taoiseach's comments in which he said they would damage prosperity if elected.
Labour Party health spokesperson and deputy party leader, Liz McManus, said: "One in four Irish people will suffer from some form of mental illness during their lifetime, but the treatment of mental illness and the promotion of good mental health do not receive the same attention, investment and resources as physical illness.
Our aim is to ensure a modern, world-class service for the mentally ill," she said.
"Today we [Labour and Fine Gael] pledge to deliver a well-resourced mental health programme that will be directed, as far as possible, towards recovery - which involves a way of living a satisfying, hopeful and productive life even within the limitations caused by illness.
"The Government must be held accountable for its failure to fully implement its own policy and for the reduction in the proportion of the health budget allocated to mental health from 11 per cent in 1997 to 7 per cent in 2006," she said.
Fine Gael health spokesman Dr. Liam Twomey said: "Suicide is now the most common cause of death in young males. It accounts for three out of every ten deaths in the 15-24 age group. The average annual death rate from suicide has risen from 64 a year in the 1960s to 455 a year in 2004."
"The loss of so many young lives and the devastation of families bereaved by suicide demand a decisive and immediate response," he said.
"Fine Gael and Labour will . . . increase the budget of a revamped National Suicide Prevention Office to €10 million in the first year, rising to €20 million over five years."
The Opposition's "Mullingar Accord" in 2004 coincided with Fianna Fáil's think-in at Inchydoney, West Cork, and a similar meeting was staged last year.
Reacting to the announcement Minister of State at the Department of Health, Tim O'Malley, said: "The Government is implementing substantive policies and new spending commitments on mental health. There is little new in the Fine Gael-Labour document. Most of the actions are being implemented already and are part of the government's plans.
"Since they plan to increase the share of health spending in this one area, they have to say in which areas they would cut the share of health spending - cancer services?, hospitals?, medical cards? The Government's comprehensive approach to mental health is now developing a high quality, community-based mental health service," he said.
He added that the Government's policy on mental health, A Vision for Change, covers child and adult mental health. "This will involve 1,800 new staff being employed. Over €150 million in extra annual funding will be provided."