Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for confirming the Government's position that the official figures remain at 1.75% GDP for 2011 and a projected average growth of 2.75% for the period to 2014. The Government has committed in its programme for Government to a €6 billion correction this year, as provided for in the recently enacted Finance Bill 2011, and to a €3.6 billion correction for 2012. However, it has not gone further or provided details of how it proposes to correct the deficit in the subsequent years. For example, the EU-IMF deal contains a commitment to a €3.1 billion correction in 2013, on which point the programme for Government remains silent. I acknowledge the Government has indicated it will look at this by way of a review towards the end of 2012.

What is the Minister's current estimate of the deficit reduction that must be achieved between now and 2015 to achieve the 3% deficit? The Minister will be aware that in the programme for national recovery it was estimated that achieving 3% by 2014 would require a €15 billion correction, €6 billion of which is being achieved this year, with the remaining €9 billion to be achieved in subsequent years. What is the Minister's current estimate based on the level of deficit reduction that must be achieved by 2015 to achieve the 3% deficit?

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