Oireachtas Joint and Select Committees

Wednesday, 7 September 2022

Committee on Budgetary Oversight

Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

What is the scope for the Government? I read Mr. Barnes's piece on our borrowings. There are low interest rates on bonds in the secondary bond market. The ECB has gone back into that market, which has brought down interest rates. If, in the coming 12 months, we have a catastrophic situation in which energy prices get out of control and this has a huge impact on growth, brings down tax revenues and puts pressure on our day-to-day functioning, what is our capacity, having borrowed heavily during Covid, to borrow should something so extreme happen?

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