Brian Lenihan Jnr (Dublin West, Fianna Fail)

I had an opportunity on the margins of the recent informal ECOFIN meeting in France to exchange views with Commissioner Almunia, who is responsible for the economic and monetary affairs directorate. I outlined how domestic and international factors have impacted on the Irish economy, most notably in the rapidity of the downturn and its significant impact on tax revenues. I advised that my Department's formal estimate of the outturn for the general Government balance for 2008 would be provided in the fiscal notifications to be submitted by all member states at the end of this month and subsequently published by EUROSTAT in late October. The Department's estimates for 2008 and beyond will be set out in the budget on 14 October.

I also informed Commissioner Almunia of the actions taken to date by the Government, including the rationale for those actions and their intended effects. The Commissioner welcomed the informal briefing and confirmed that the Commission would, as is the norm, assess the position after it receives the fiscal notification from Ireland in due course.

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