Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I do not have the figure yet because my officials are still crunching the numbers. In April, the technical exercise showed that an adjustment of €3.1 billion brings us down to 4.3%. The situation deteriorated after that, when the CSO revised downwards the GDP estimate for 2012. The denominator became smaller so the arithmetic drove the deficit up. There was low growth in the first quarter but then it improved in the second quarter data. The revenue figures published yesterday are consistent with that third quarter growth.

We are working our way through it. A consolidation of €3.1 billion would get one below 5.1%. I saw a letter I received from Deputy McGrath just before I came to the Chamber. I will see what I can do to provide him with some kind of ready reckoner to make it easier for him to make the adjustments when he hears what we announce in the budget. I will provide the same data to other Opposition spokespersons.

See this speech in context