Oireachtas Joint and Select Committees
Thursday, 17 November 2022
Public Accounts Committee
2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
9:30 am
Mr. John McCarthy:
To put it maybe the best way, about ten years ago we were spending about 13% of all tax revenues servicing debt. That figure is about 3% this year. The fact that the public finances are in reasonable shape and the fact that interest rates have fallen are the key drivers there, as well as, of course, the rise in tax revenues. I want to stress that everything I have said is on the basis of our baseline scenario that there is no major hit to corporation tax, no major hit to the economy.