Brian Lenihan Jnr (Dublin West, Fianna Fail)

When we brought forward our savings initiative last July, my Department forecast a revenue shortfall of €3 billion for this year. At the time, I said the savings of €440 million to be achieved this year was the very minimum we had to do and that additional savings would have to be made in the event of a further deterioration in our fiscal position.

We monitored the position throughout July and August and when in August returns confirmed there had been a further significant weakening of the tax take, we decided to bring forward the budget to 14 October. Following analysis of the end-September tax revenues, my Department will set out its assessment in the normal manner at the end-quarter press conference. In advance of knowing the exact details I do not propose to say anymore on the size of the shortfall.

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