Kieran O'Donnell (Limerick East, Fine Gael)
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Question 5: To ask the Minister for Finance the outcome of his discussions with EU officials at the recent ECOFIN meeting in respect of Ireland's obligation under the stability pact; and the period within which he will bring Ireland back within the borrowing limits set out in the pact. [31747/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I had an opportunity on the margins of the recent informal ECOFIN meeting in France to exchange views with Commissioner Almunia, who is responsible for the economic and monetary affairs directorate. I outlined how domestic and international factors have impacted on the Irish economy, most notably in the rapidity of the downturn and its significant impact on tax revenues. I advised that my Department's formal estimate of the outturn for the general Government balance for 2008 would be provided in the fiscal notifications to be submitted by all member states at the end of this month and subsequently published by EUROSTAT in late October. The Department's estimates for 2008 and beyond will be set out in the budget on 14 October.

I also informed Commissioner Almunia of the actions taken to date by the Government, including the rationale for those actions and their intended effects. The Commissioner welcomed the informal briefing and confirmed that the Commission would, as is the norm, assess the position after it receives the fiscal notification from Ireland in due course.

Kieran O'Donnell (Limerick East, Fine Gael)
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Has the Minister submitted broad economic policy guidelines to ECOFIN? He said he would do so by the end of this month and we are virtually at the end of the month now.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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No. They have not been submitted yet and would not have been submitted yet in the normal course of events.

Kieran O'Donnell (Limerick East, Fine Gael)
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In a recent EU Commission report on public finances in the EU Ireland was ranked a distant last in the area of public management of finances. It was also ranked last and received no score in the area of prudent economic assumptions, which judges how we create leeway for a slowdown and make forecasts. Does he agree that the assumptions in the budget were ludicrous? The budget forecast GDP growth at 3%, that there would be 24,000 new jobs and that there would be 1% more in employment. It also forecast that inflation would be below the EU average of 2.4% but it is now 3.2%. It was also stated that there would be 55,000 house completions. The Minister said house completions would be down by one third on last year but that would mean approximately 52,000 completions so the figures do not add up.

The Minister says he will not provide figures on the Government deficit until budget day. He will provide the figures to the EU by the end of this month but his primary responsibility is to the Dáil and the Houses of the Oireachtas. We have no pre-budget outlook so we should have some indication as to when and how he proposes to bring back the Government deficit below the 3% Maastricht guidelines.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Deputy asked a wide range of questions. The report submitted to the EU is one that is submitted every year. I would be delighted to assist Deputy O'Donnell, as I offered to assist Deputies Bruton and Burton, in furnishing all relevant economic data and forecasts which will be in the possession of my Department in early October, so that we can all discuss an appropriate budget for Ireland. I appreciate that Members on the other side of the House want to be informed as comprehensively as possible about the forecasts my Department will make for 2009. I do not have a difficulty furnishing to the Deputy the maximum possible amount of information in my possession in regard to forecasting, subject to the constraint in respect of confidentiality of strictly budgetary matters.

Kieran O'Donnell (Limerick East, Fine Gael)
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I would like to hear the Minister's comment on the EU Commission report that Ireland ranked last in terms of public finances. Furthermore, he might also inform the House when he expects to bring the general Government deficit back within Maastricht guidelines. Perhaps the Minister will give us some indication of in what year that is likely to happen.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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On the Commission report, I would like my attention to be drawn to the authorship, provenance and date of the report. It has not been brought to my attention. The Deputy will appreciate it is difficult for me to comment on an opinion of that character, taken as it may be out of context, although I am not criticising the Deputy for referring to it. I am not familiar with the contents of the report.

Kieran O'Donnell (Limerick East, Fine Gael)
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It is a report from the EU Commission.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I would like to see the report and the particular reference to which the Deputy refers before commenting on it.

Richard Bruton (Dublin North Central, Fine Gael)
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The Minister's clippings are falling down.

Kieran O'Donnell (Limerick East, Fine Gael)
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This is a fundamental issue.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am trying to answer the Deputy's questions.

Brendan Howlin (Wexford, Labour)
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Please allow the Minister to answer the questions.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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On the framework we must establish in budget 2009 for the development of our finances into the future to ensure we bring our budgets within the framework of the Stability and Growth Pact, the plan in this regard will be announced in the budget.

Kieran O'Donnell (Limerick East, Fine Gael)
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The Minister is being evasive. He can do better than that.

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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It is called a budget.