Brian Cowen (Laois-Offaly, Fianna Fail)

Hold on one moment. The process has begun and the Government must make the decisions. I am providing the estimates emerging from the Department of Finance as of this time. It is a matter for the Government to make a final decision on the matter. We are in a budgetary process which is not complete, which has recently begun, and which is supplementary to the process in which we engaged last year. That is for the purposes of accuracy.

We have forwarded a stabilisation update, as it is known, to the European Commission indicating over a five-year period how we intend to try to restore the public finances to balance in line with the rules that apply under the Stability and Growth Pact, which amounts to the terms and conditions under which we are members of the eurozone. That is a requirement we must meet and we have done so.

The Deputy is aware of the broad aggregate figure submitted. We must take into account the continuing deterioration that is occurring. Regarding the multi-annual framework to which I referred, I am trying to explain that it would be good for the public if the Government indicated its intention in respect of the budget not only this year, but the following year and perhaps into the following year again. The Deputy has asked me to state exactly the position up to 2013. It is not possible to find an economist who could state accurately the position in the past three months, because this is an unprecedented situation. There has not been such a level of accuracy that far out. Therefore, the Government has indicated its intentions in terms of our Stability and Growth Pact commitments.

We are bringing forward a supplementary budget because the circumstances demand it in view of the deterioration we have seen in the public finances, even since the beginning of the year. We have brought forward a €2 billion saving as an immediate response to that and as a first signal of our intent. We must now proceed with a budget that will deal with taxation and expenditure and with necessary further corrections for this year. We would intend indicating also during the course of the following year where we are going with further requirements. The Minister for Finance has indicated as much and the best response I can provide is that the Deputy should consult with him. The Minister will engage with the Deputy and will inform the House of the position, to the greatest extent possible and consistent with his budgetary responsibilities. We must all engage on the seriousness of this issue given the magnitude and scale of the problem that we face and our ability to confront it collectively if possible.

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