Oireachtas Joint and Select Committees

Thursday, 7 March 2013

Public Accounts Committee

2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions

12:30 pm

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

It appears to me that split mortgages should be used as a solution. I deal with people in this plight regularly but I do not meet people to whom this is being offered. If Mr. Moran is telling me this is because we do not have the information, I am glad the frustration is shared. It is two years since the banks were given funding to deal with this issue. We have made the point.

Table 2.4 of the report of the Comptroller and Auditor General on page 17 is, along with that on trends in unemployment, the most depressing table we must look at in terms of our country's difficulty.

It shows what has happened to our national debt in the past four years. The helpful review of 2012 strategy document contains a good table that examines the trend in sustainability during the coming years. This table is found on page 18 of the report, which completes the 2013-15 picture.

Of the different options that the State is pursuing in terms of its solvency, for example, the promissory note arrangement, and apart from what will occur on the income side of the equation, what factors will play a role in reducing our national debt? Is the rescheduling of programme debt on options 1 to 5 the kind of arrangement that will make a difference to the profiling of our national debt in the next few years?

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