Brian Cowen (Laois-Offaly, Fianna Fail)

It is incorrect to say that Commissioner McCreevy is indifferent to the role they play. I am sure the opinions are given in a professional manner but I know that the credit rating agency issue has been taken up by the Commissioner. I suggest that member states, the Council and ECOFIN must step up to the plate in this matter in as much as there is a role played by the Commissioner or the Commission.

The Deputy raised a number of issues and I am trying to recall them. On the budgetary position, the Government has been working in a very focused way to measure the adverse impact various options may have and come forward with a proposal which we believe will be in the right interests of the country given the fragility of the economy this year and going forward to meet our objectives in controlling the borrowing requirement up to 2013. Getting the agreed timeline with the EU Commission over five years rather than four has been helpful in that respect.

I have been indicating for some time that there is a need for us to take those factors into account. As I have stated, the structural and cyclical side of the deficit is a helpful way of explaining what Ireland needs to do in a way that will be credible and helpful to us internationally. The National Treasury Management Agency has been in a position to raise large sums of money through bonds during the course of the first quarter of the year and I have every reason to believe that this can continue.

On the end of March Exchequer returns, when I was asked about this before I stated that one finds out the full picture at the end of the month. As the Deputy is aware, in the last week or number of days, amounts are still coming in, particularly relating to VAT and other subheads. I was making that point.

The end of March Exchequer returns will be published on Thursday and although they are not yet available, indications are that the decline in tax receipts evident in January and February has continued into March. I have also stated that the tax revenues this year, in the absence of corrective action, would be some €3 billion less than forecast in January and as put forward by the Minister for Finance.

The Government is committed to restoring order to the public finances by bringing the deficit below the 3% limit by 2013, which is the agreed timeline with the European Commission. The supplementary budget to be presented next week will set out the multi-annual strategy in that regard.

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