Menu
25/07/2011
Irish Deficit Is Budget Target - Not Cash Value
The planned adjustment package in next December's budget may be more than the €3.6m already flagged, the Dáil Minister for Finance Michael Noonan has warned.
While he welcomed the announcement by the Chancellor of the Exchequer in the UK, George Osborne, that he proposes a reduction of the interest rate on the UK bilateral loans to Ireland, he said he would not be "tied down to a figure of €3.bn" as there was a debate over whether it would be enough to achieve the 8.6% target.
"I welcome the announcement by the Chancellor that the UK proposes to reduce the interest rates on the loans to Ireland to a level slightly below the new European Financial Stability Fund (EFSF) interest rate.
"The support of the UK reflects the important economic relationship between Ireland and the UK.
"The level of trade between Ireland and the UK supports jobs in companies of all sizes from sole traders through to the largest companies.
"The willingness of the UK to assist Ireland reflects how both countries gain through sustainable economic growth that creates long term jobs," he said.
But, despite the easing of the EU-IMF bailout terms, Mr Noonan said the target was to bring the deficit down to the 8.6% of GDP next year, and that would require an adjustment of at least €3.6bn.
"The [money] is not the target, it's the 8.6%…and there's a debate over whether the €3.6bn gets us there or not," he explained.
"That is the minimum but I've mentioned a figure of up €4bn. This far out from a budget, it's impossible to be precise," noting that next year's adjustment is about two-thirds of this year's adjustment.
(BMcC/GK)
While he welcomed the announcement by the Chancellor of the Exchequer in the UK, George Osborne, that he proposes a reduction of the interest rate on the UK bilateral loans to Ireland, he said he would not be "tied down to a figure of €3.bn" as there was a debate over whether it would be enough to achieve the 8.6% target.
"I welcome the announcement by the Chancellor that the UK proposes to reduce the interest rates on the loans to Ireland to a level slightly below the new European Financial Stability Fund (EFSF) interest rate.
"The support of the UK reflects the important economic relationship between Ireland and the UK.
"The level of trade between Ireland and the UK supports jobs in companies of all sizes from sole traders through to the largest companies.
"The willingness of the UK to assist Ireland reflects how both countries gain through sustainable economic growth that creates long term jobs," he said.
But, despite the easing of the EU-IMF bailout terms, Mr Noonan said the target was to bring the deficit down to the 8.6% of GDP next year, and that would require an adjustment of at least €3.6bn.
"The [money] is not the target, it's the 8.6%…and there's a debate over whether the €3.6bn gets us there or not," he explained.
"That is the minimum but I've mentioned a figure of up €4bn. This far out from a budget, it's impossible to be precise," noting that next year's adjustment is about two-thirds of this year's adjustment.
(BMcC/GK)
Related Irish News Stories
Click here for the latest headlines.
20 October 2011
Ireland 'Making Progress' Under EU Bailout
It has been revealed that Ireland is 'on track' in terms of the savings and making repayments under the EU bailout scheme. The Government has successfully concluded its third successive quarterly programme review mission with the EU Commission, the ECB and the IMF.
Ireland 'Making Progress' Under EU Bailout
It has been revealed that Ireland is 'on track' in terms of the savings and making repayments under the EU bailout scheme. The Government has successfully concluded its third successive quarterly programme review mission with the EU Commission, the ECB and the IMF.
28 September 2009
'Gigantic Confrontation' Awaits Budget
One of the state's largest unions has said the upcoming budget will be met with a "gigantic confrontation" if early indications of cuts transpire. A statement released by the Siptu National Executive Council over the weekend has said a green light has been given for "aggressively cutting pay and conditions of employment across the economy".
'Gigantic Confrontation' Awaits Budget
One of the state's largest unions has said the upcoming budget will be met with a "gigantic confrontation" if early indications of cuts transpire. A statement released by the Siptu National Executive Council over the weekend has said a green light has been given for "aggressively cutting pay and conditions of employment across the economy".
30 March 2016
Irish Research And Development Benefits From €250m EU Funding
More than €250 in competitive funding has been secured from Horizon 2020, the European Union's programme for Research and Innovation. A total of 588 projects with Irish participants are to benefit from the funding, announced by Minister for Skills, Research and Innovation, Damien English.
Irish Research And Development Benefits From €250m EU Funding
More than €250 in competitive funding has been secured from Horizon 2020, the European Union's programme for Research and Innovation. A total of 588 projects with Irish participants are to benefit from the funding, announced by Minister for Skills, Research and Innovation, Damien English.
31 July 2013
Government 'Must Meet 3% Deficit Target By 2015'
Minister for Communications Pat Rabbitte has told RTÉ the government needs to meet its deficit target of 3% by 2015. But he said it should not be confined to making €3.1bn in savings in October's Budget; a move requested by the EU/IMF Troika. Speaking on RTÉ's Morning Ireland, Mr Rabbitte said there would be some manoeuvrability in the Budget.
Government 'Must Meet 3% Deficit Target By 2015'
Minister for Communications Pat Rabbitte has told RTÉ the government needs to meet its deficit target of 3% by 2015. But he said it should not be confined to making €3.1bn in savings in October's Budget; a move requested by the EU/IMF Troika. Speaking on RTÉ's Morning Ireland, Mr Rabbitte said there would be some manoeuvrability in the Budget.
14 May 2009
Ireland To Miss Aid Target
Ireland looks set to 'undershoot' its international aid target for 2010, according to a report released on Thursday. Aidwatch 2009, a lobbying and campaigning initiative, which monitors EU governments spending on aid, said Ireland will almost certainly miss its commitment to spend 0.6% national income on overseas aid by 2010.
Ireland To Miss Aid Target
Ireland looks set to 'undershoot' its international aid target for 2010, according to a report released on Thursday. Aidwatch 2009, a lobbying and campaigning initiative, which monitors EU governments spending on aid, said Ireland will almost certainly miss its commitment to spend 0.6% national income on overseas aid by 2010.
-
Ireland WeatherToday:Cloudy with longer spells of rain during the morning, this rain heavy at times. Generally brighter in the afternoon, but with scattered and at times heavy showers. Maximum temperature 14 °C.Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
