Dara Murphy (Cork North Central, Fine Gael)
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I thank the Minister for attending. It must be welcomed that, given the difficult path the country and its citizens have had to take, the targets are being achieved and that the cliche that there is light at the end of the tunnel is proving to be true. I have some questions for the Minister. I know that, linked with the European semester, business groups and others have long since been asking that the budget be brought forward from Christmas and it is welcome that is to happen. Our fiscal targets were debated last summer following the fiscal stability treaty referendum. How do the figures the Minister has produced today impact on these targets?

On debt reduction, the target for which we have overshot, I note that the forecast for this year is a reduction of only 0.2%, while for next year it will be 3%. I am aware that the Minister has said projections and forecasts are not always accurate, but is there potential for a similar overshoot next year? Why is the target reduction only 0.2% for 2013.

On the debt rule, I understand the target is that three years after we exit our programme, we will commence with a reduction of one-twentieth per annum of the excess over 60% of the debt-to-GDP ratio. The figures show an increase. Last year the ceiling was expected to be 119% of GDP, yet the figures now show a rate of 121% of GDP. Therefore, there is a 2% increase. How will this impact on our ability to achieve the 5% reduction year on year?