Oireachtas Joint and Select Committees
Thursday, 27 September 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Fiscal Assessment Report September 2012: Discussion with Irish Fiscal Advisory Council
3:30 pm
Mr. Diarmaid Smyth:
As for the numbers in respect of Exchequer non-tax revenues, they were approximately €2.4 billion in the first eight months of the year. This actually constitutes an increase of 50% year-on-year, which is partly due to timing factors. I believe there have been three bank guarantee payments in the year to date, whereas we only had two such payments last year. However, there have also been some interesting developments, in that €300 million has come in from interest paid on contingent capital notes which, again, are related to the possible over-capitalisation of the banking sector. In addition, I believe the Government received €1 billion in Central Bank profits, much of which, again, relates to emergency liquidity assistance, ELA, which we document in the report. On a broader scale, in terms of general Government figures, there has been a notable increase in non-tax revenues, much of which relates to the bank guarantee, as well as dividend and interest income. It is a subject we are exploring and we hope to bring out a paper within the next couple of months specifying what these items are, as they must be monitored. These are the main figures.
No comments