Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his reply. As he knows, I welcomed the benefits from the promissory note deal. As he acknowledged in his reply, the projections are that it will result in savings of €1 billion on the general Government deficit. I did not expect him today to indicate the planned €3.1 billion adjustment for 2014 would be now €2.1 billion. I also accept there are variables with economic growth, taxation receipts and spending in line with the budget.

However, the Minister for Finance can give an indication that it is his belief that the benefits from that deal will have an impact on the budget. The Labour Party Ministers have been running around the place telling everyone who will listen that the deal will have an impact on the budget for next year but the Minister for Finance is not saying the same thing. I am simply asking whether it will have an impact on the budget. My view is that we should be using the benefits, all other things being equal, to reduce the adjustment for 2014 and to invest additional money in job creation initiatives. That is the Fianna Fáil position. I am asking whether the Minister has a position and whether he believes it will have an impact on the budget.

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