Brian Cowen (Laois-Offaly, Fianna Fail)

To answer Deputy Gilmore directly, the situation is clear. We are experiencing a reduction in tax revenues. As is normal, the Minister for Finance will have informed the Government in general terms about the figures to be released in advance of the publication tomorrow of the Exchequer returns by the Department of Finance. They will be released tomorrow, not today, by that Department, in keeping with convention. As a result of publication of those figures, the Minister for Finance will issue a statement. As the Deputy is aware, we will have a debate next week on the NDP and the economy which will present a good opportunity for the Government to outline the general position. Given that tax revenues will be back from where we expected them to be because of the international financial situation, it will be necessary for us to work to our expenditure targets within the budgetary parameters we have set ourselves. That makes for a challenging time both for the remainder of this year and in respect of the opening position for next year. Decisions will have to be taken in the context of the Estimates for next year's expenditure targets.

This matter will be addressed calmly and sensibly in the context of informing the House in the normal way. Deputies can be assured that the Minister for Finance will be in a position to make a statement to the House next week. It is not for the Government to make decisions on foot of how eminent other financial institutions may be; it must decide on the basis of its own figures which are collated right up to the time of publication. The Government is au fait with the general position and the Minister and his colleagues will determine the broad strategy to be adopted. The Government will make decisions promptly and appropriately and we will discuss them in the House.

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