Michael Noonan (Limerick City, Fine Gael)

No, it is not a must but, obviously, it is a matter for negotiation. The assumption is that an adjustment of €3.6 billion will get one to a deficit of 8.6%. As the year goes by, we will know, but much will depend on the year-end figure. Obviously, if we have a year-end figure which exceeds the target, then the adjustment would not be as strong as would be required in the Estimates. However, if we fell short at year-end, it would be another variable that must be taken into account. I am not saying anything particularly new. I am simply saying that next year will be difficult and there will be a hard budget. Whether it is €3.6 billion or €4 billion, it will still be a very difficult budget.

See this speech in context