Brian Lenihan Jnr (Dublin West, Fianna Fail)

The reason behind the increase in the consolidation required is outlined in the information note on the economic and budgetary outlook Deputy Noonan received last week. It was published last week. The main reason is a smaller economy with lower than expected levels of nominal growth. I was certainly not prepared to suddenly announce a departure from the existing target without the most careful reflection on all the emerging economic data. I made that point clear on Question Time on the last occasion.

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