Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Like Deputy McGrath, I have been trying to parse the figures in the best way possible in the short time available. Most people are concerned about the fiscal adjustment the Government plans in the October budgets this year and next year. The updated document the Minister has provided basically says to stay on course. Some of that is technical assumptions. According to the figures the Minister provided, the Government will overshoot the target of 3% in 2015 by €1.4 billion or €1.5 billion of adjustments.

The Irish Fiscal Advisory Council projected that the Government would overshoot and come in at 2.1%, and the Minister is projecting that the Government will come in at 2.2%. The council stated that this would equate to €1.6 billion. The Government is overshooting by €1.4 billion or €1.5 billion. Can the Minister give any comfort to people at home that there will be substantial relief in respect of the adjustment targets that the Government is planning in the budgets for this year and next year? Let us consider these figures. Given the scale of the adjustment - approximately €1.5 billion - it would be necessary to phase it in at least over a two-year period and not back-end it.

Is the Minister concerned about the valuation of the IBRC assets and the potential for the State to make up that revenue shortfall for NAMA? Is the Government holding back until those valuations are clear about what the shortfall will be, if indeed there is a shortfall, before it makes any commitments in respect of this matter?