Update: Budget 2015 4th July 2014

4th July 2014 - Bernard Durkan TD

QUESTION NO: 28

DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)

by Deputy Bernard J. Durkan

for ORAL ANSWER on 03/07/2014

To ask the Minister for Finance the extent to which he has had or proposes to have discussions with the Troika in the context of framing of Budget 2015; and if he will make a statement on the matter.

REPLY.

As the Deputy will be aware, we successfully exited the EU-IMF Programme of Financial Support at the end of 2013. We are now subject to EU Post-Programme Surveillance and IMF Post-Programme Monitoring. The objective of Post-Programme Surveillance/Monitoring is to assess Ireland’s economic, fiscal and financial situation following the completion of the programme. The Stability Programme Update aggregates were discussed during the 1^st Post-programme Surveillance/Monitoring mission 29 April 2 May 2014. However, the focus of the assessment is on Ireland’s ability to repay and does not involve discussions of specific budgetary measures in the context of preparing future Budgets.

The Deputy may also be aware that, under the reforms known as the ‘Two pack’, all Euro Area Member States are required to submit a draft budgetary plan to the European Commission on or before the 15^th of October each year. The Government will submit the draft budgetary plan to the European Commission after the Minister for Finance and the Minister for Public Expenditure and Reform make their statements to the Dáil.

Finally, Ireland continues to be bound by the Excessive Deficit Procedure which requires that the underlying deficit is reduced to less than 3% of GDP by 2015.

Update: Budget 2015 4th July 2014

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