Michael Noonan (Limerick City, Fine Gael)

One could pick any figure but one should examine the matter in its overall context. We expect to collect approximately €36 billion in taxes in 2012. Already, we are almost €400 million ahead in the first quarter. Let us consider the debt servicing costs. I have explained the €90 million additional cost on the promissory note. The debt servicing costs for the first quarter are €70 million below the estimate. One is dealing with swings and roundabouts all the time and one cannot be absolutely precise. Deputy Boyd Barrett should note that one cannot be precise about trade figures. Let us consider the February trade figures. There are 28 days in February and 29 days when it is a leap year. If a large settlement comes in on 1 March, it is reported in the March figures. One cannot hang one's hat too much on one month's figures; one must consider it overall.

We marked down growth rates. I do not interfere with the forecasting unit in my Department. It is independent in its assessment of the data. I expect it will mark down the figures again at the end of April. I am simply suggesting that from a fiscal point of view we will still meet our targets. Naturally, if growth is lower it will have an effect on the overall economy.

The Deputy's analysis is always based on an idea of Keynesian economics. The Deputy's whole focus is on demand-led initiatives. He appears to take no cognisance of the supply side of the economy. Much of what we have done involves supply side initiatives because we do not have the wherewithal to carry out a demand stimulus. I agree with the Deputy without gainsaying. If I had several billion euro and I could use it to stimulate demand, I would have a list of projects in my pocket to which I could put it quickly. However, we must play the hand of cards we have. We can play strongly on the supply side and we have done so. Let us consider what we did in the tourist industry earlier in the year. Everyone is aware that had a considerable effect on the restaurant trade. The 21 small initiatives related to the financial services industry in the Finance Bill are beginning to have a small effect. We will proceed in this way. I hope we can encourage our European partners to loosen the purse strings and follow up the rhetoric of growth and jobs with specific proposals. This is becoming centre stage in Europe now. We will welcome this with open arms and we will have shovel-ready projects for any money we can get.

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