I briefly take the opportunity to reiterate the Government's firm commitment to restoring sustainability to Ireland's public finances. Clearly, this presents challenges for policymakers and the Government, but we must remain steadfast in our commitment to reduce the deficit to below 3% of GDP by 2015. I welcome the broad agreement that the deficit target of 8.6% of GDP in 2012 must be delivered on. The country must remain on a credible path of budgetary adjustment, particularly when there is so much uncertainty further afield. Through continuing to deliver on our targets we can continue to rebuild confidence in the country. There is evidence that the public finances are continuing to stabilise and the economy returned to growth in 2011. As of the end of December, Ireland is expected to record a general government deficit figure of less than 10% of GDP in 2011 which is within the 10.6% of GDP target previously set by the ECOFIN Council. Also, after three consecutive years of annual decline, Exchequer tax receipts rose for the first time in 2011.

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