Oireachtas Joint and Select Committees

Wednesday, 17 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

2013 Allocations for Public Expenditure - Finance Vote Group: Discussion with Minister for Finance

2:45 pm

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

In respect of the property tax, what range is the Minister talking about? I do not expect exact figures today because it will be a feature of the budget, but are we talking about €100 to €200 or €200 to €600?

In respect of GDP, the Minister projected there would be 0.7% increase in the budgeting process this year. In respect of GNP, what is the projected figure in light of current circumstances?

In respect of the impact of support for the banks, to which the Minister referred in his opening statement, how much of a burden is that on the public finances at the moment? The Minister said that excluding that, the deficit is running at 9% of GDP, but what is the impact of support for the banking sector?

In respect of the budget deficit target of 3% of GDP by 2015, I know we come from a different place in respect of this. At one stage, everyone else was saying that the year in question was 2014 while we were saying it was 2016. There has been some speculation recently about whether the target can reached by 2015. Could the Minister comment on whether it is still possible to achieve the budget deficit target of 3% of GDP by 2015?

In respect of the promissory note, I note the Minister's recent comments when he said it would be helpful when entering in the budget process if he could have data or some indication of a deal in terms of framing the budgetary process. Would the Minister like to comment on that? Has there been any update? As a new Deputy who has been hearing about the promissory note for the past 19 months, I am growing a bit weary of it. We seem to be no closer to a deal on it. All we keep getting, and we got it this morning from the troika, is that very complex technical discussions are ongoing but we do not seem to be any clearer in terms of where we are in respect of it.

The Credit Review Office, CRO, has overturned 55% of cases referred to it and, in doing so, has secured more than €9.6 billion in credit. The number of cases overturned seems very large. I welcome the fact the CRO exists and has overturned 55% of cases, but could the Minister comment on that and the issue still facing existing businesses trying to access overdrafts and credit? The Minister is aware that a huge number of applications are being rejected. The figure is seven times that found in Germany. Could the Minister comment on that because it is having a significant effect on sustaining jobs and on companies trying to expand?

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