Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister. Has a final date been set for the publication of the pre-budget outlook and the multi-year plan? Will the Minister clarify whether it is a plan to the end of 2015, which appears logical given that the 3% target has now been linked to 2015 rather than 2014? Will he publish a new four-year plan or a three-year one?

Is it the Minister's view that we should aim to achieve the 8.6% target or does he believe we should do better than that? There are counter arguments - one is the need to reduce the deficit as quickly as possible while the other is the risk and the damage to the domestic economy of imposing a greater adjustment than we are committed to in terms of €3.6 billion.

We are in a better position going into 2012 than might have been expected given the very welcome interest rate reduction which will yield approximately €900 million next year. Looking at yesterday's figures, the Exchequer position is close to €1 billion ahead of profile at this stage. It appears the Minister's starting position is quite good but the great unknown and the variable is growth next year and that projection is being finalised. What is the Minister's view of the 8.6%? Is it the target he wants to achieve or does he believe Ireland should achieve a lower deficit?

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