Seán Fleming (Laois-Offaly, Fianna Fail)

Yes, which includes tax and expenditure changes. Will the Minister give us an indication of his view on the €3.6 billion? The Minister for Finance mentioned that whether it was €3.6 billion or €4 billion was not the issue. The Minister also mentioned the 8.6% budget deficit target which is very important, and also brought into the debate the cost of the money we are getting. The Government is seeking a 1% interest rate reduction on the bailout fee. Is it possible there could be an increase in our interest rate in light of the recent ECB increases? The rate we are paying is linked to the ECB rate.

The Minister has two figures with which to work, namely, the 8.6% or the €3.6 billion. I ask the Government to take the lowest figure in terms of the impact on the people. Do not go for the higher figure. If the 8.6% can be achieved with €3.2 billion in cuts do it that way rather than going for a higher percent deficit just to stick to the figure of €3.6 billion.

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