Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

First, I will play on the subject that has just been brought up. The targets to which the council subscribed both last year and this year are roughly what were put in place by the troika. Last year, the Irish Fiscal Advisory Council recommended an adjustment of €3.2 billion and this year, it is talking about €2 billion to €2.1 million. Does this give recognition to the fact that the State's finances have improved dramatically since 2011? There have been some draft reports from the Commission in the wake of its departure and it believes the economy is improving. Should this not blend into the form of adjustment that should be made? My second point is that we made approximately €600 million - this is a debatable figure as some say it was €400 million - less of an adjustment last year in the budget. Did that affect yields on Irish ten-year bonds, which are the quintessential barometer by which one measures it? Professor McHale referred in his opening statement to how this could be detrimental if we were to not meet our targets. My opening question is how do both those factors play out?