Michael McGrath (Cork South Central, Fianna Fail)

As the Minister has indicated, the projection is that by 2015 the national debt interest repayments will account for 21% of tax revenue but that tax revenue figure is based on a figure which is 27% higher than the 2011 tax revenues. If that transpires to be more optimistic than the reality, the amount of the tax revenue going in interest repayments will far exceed 21%; it could be 25% or even more. While we have to plan on the basis of the figures the Department has produced, based on experience and track record we must also prepare for a less optimistic scenario. Has the NTMA advised on that?

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