Written answers

Wednesday, 22 November 2006

Department of Finance

Construction Industry

9:00 pm

Photo of Joe CostelloJoe Costello (Dublin Central, Labour)
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Question 131: To ask the Minister for Finance if his attention has been drawn to reports that there has been a sharp increase in the number of construction companies making bad debt claims from their trade credit insurance policies and that the ratio of claims to premiums paid has exceeded the 50% ratio at the leading underwriter of trade credit insurance for the construction industry; if the Government is concerned at the implications this sudden increase in bad debt in the construction sector has for the health of the economy here; and if he will make a statement on the matter. [39219/06]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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I am aware of the reports referred to by the Deputy. My Department is not however, aware of this measure as a leading indicator of activity in the construction sector. The Deputy should note that according to the Pre-Budget Outlook published by my Department last month real GNP is projected to increase by 5% in 2007 underpinned by a continued strong performance of the construction sector with the overall level of new housing output in 2007 projected to be broadly in line with 2006.

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