Oireachtas Joint and Select Committees

Tuesday, 8 October 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Macroeconomic Forecasting: Discussion with Department of Finance

8:00 pm

Mr. John McCarthy:

I simply do not know the scale of consolidation needed to move into primary surplus territory. At the time of the stability programme update, on the basis of an adjustment of €3.1 billion and growth of 2.4% in real terms, we were looking at a primary surplus of €400 million or €500 million. I do not know what it is now. There are many moving parts with interest and the NTMA. It is not that I am barred from discussing it but technically I cannot do it right now.