Oireachtas Joint and Select Committees
Thursday, 3 April 2014
Public Accounts Committee
2012 Annual Report of the Comptroller General and Appropriation Accounts
Vote 11 - Office of the Minister for Public Expenditure and Reform
Vote 12 - Superannuation and Retired Allowances
Chapter 3 - Financial Commitments under Public Private Partnerships
Chapter 4 - Vote Accounting
Chapter 5 - Vote Budget Management
1:00 pm
Mr. Robert Watt:
We are assuming an increase of 3.6% per annum from 2016. There is a pay freeze until 2016 and a 3.6% increase is assumed from that point on. That gives the €98 billion estimate. If it is linked to the CPI then the figure will be lower than that. It is under €90 billion. In fact, it is €82 billion. That figure is based on the aforementioned assumption. We use a discount rate of 3% when we are ---