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

I wish to share my time with Deputies Devlin and Troy. We will be brief to allow time for the Minister to respond. I wish to quickly raise three issues. Will the Minister confirm that a stability programme update, SPU, will be published in the next two weeks, that is, by the end of April? We have had several economic assessments so far looking at different scenarios. They have included a deficit of up to €20 billion, according to the Central Bank; unemployment estimated at between 10% and 12% at year end; and contraction of the economy by between 7% and 8%. We know that we have about 1 million people on income supports at this time. It goes without saying that protecting public health is the priority. There will be economic fallout. I am trying to get a handle on the Department's assessment of it at this time. I am also seeking confirmation that an SPU will be published in the next few weeks.

Will the Minister give us an overview of the expenditure commitments that have been made so far? My understanding is that commitments run to more than €8 billion at this stage. We had the initial €3 billion announcement, then some €3.7 billion, then the extra funding going to health by way of an Estimate went from about €430 million to €2 billion. That brings the total to more than €8 billion if I am correct. Will the Minister give us the current assessment?

I am sure the issue of businesses trading in severe financial distress and the implications for directors of potentially trading while insolvent has been raised with the Minister. Changes are being made in that regard in the UK. Obviously we want as many of these businesses as possible to survive the economic storm. Are any changes to the Companies Acts being considered by the Minister or by the Minister for Business, Enterprise and Innovation, Deputy Humphreys, in that regard?

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