Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The draft is required in mid-October. I will explain the terminology in a moment. If we stuck to our traditional date, we would have to bring much of the detail of the budget out in draft form in October and then enact it. Therefore, it is much easier from our point of view to bring the budget forward to October. What Europe means by a draft is what we would normally do in December. It does not regard the full budgetary process as complete until the Finance Bill is enacted at the end of March. Therefore, its idea of a draft is not I would call a draft. The draft is the budget as presented on budget day. Then enactment completes the process. We will bring what Europe calls the draft forward from approximately 7 December to 15 October. We will then have some consultation with Europe and we will supply it with the budget. We will try to introduce the Finance Bill in the same calendar year. For those who are planning an autumn break on the snow slopes, they should expect the Finance Bill sometime between the budget and Christmas.