Brian Lenihan Jnr (Dublin West, Fianna Fail)

As I stated, work is under way on the four-year budgetary plan which will set out the annual measures required to restore order to the public finances and ensure we meet the commitment we have given to reduce the general Government deficit to below 3% of GDP by the end of 2014. My Department will continue to assess the most up-to-date economic and fiscal data and their implications for the fiscal consolidation process in the coming years as we prepare the four-year plan. An adjustment above €3 billion will be required next year, but it would be premature for me to go into the details about the extent of the additional consolidation required. But additional consolidation will be required.

The Exchequer returns for late September are outstanding and there are other data that tend to be assembled on a quarterly basis which are also of value to my Department. The Department needs to assess all this information before the Government is in a position to put precise figures on the sum required in budget 2010.

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