Michael Noonan (Limerick City, Fine Gael)

The Deputy has outlined the successful renegotiation of the deal we achieved when we met the troika a number of weeks ago. We agreed major changes, including the provision of scope for the jobs initiative which the Deputy recently described in extravagant terms in the House, a commitment to an expenditure review and, more important, to a review from 2012 to 2015. While the programme negotiated by the Deputy's party in government was to run straight through to 2014, there is now a commitment to a review following the first two budgets, which is significant.

On the review due to take place next week, we have not signalled any major items for renegotiation. However, during the quarter in the run-up to the budget there will be items for renegotiation because the manner in which we will make the correction in the budget may not accord with what is in the memorandum of understanding. As long as our approach is fiscally neutral, we will be in a position to substitute one measure for another.

See this speech in context