Damien English (Meath West, Fine Gael)
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Question 96: To ask the Minister for Finance his latest estimate for Exchequer borrowing in 2008. [21893/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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At Budget time, an Exchequer deficit of €4,866 million was projected for this year.

At end-April, my Department published information which showed that overall tax receipts for the first four months of the year were €736 million, or 5.3 per cent, behind target. At the time it was indicated that it was not expected that the tax shortfall would be recouped. Later today, as is the norm, my Department will publish detailed information in relation to the Exchequer position at end-May. In relation to tax revenue, these numbers will show a further deterioration in taxes and as previously indicated the shortfall is not expected to be recouped later in the year. My Department monitors tax receipts and expenditure on an ongoing basis and an updated view on the expected Exchequer position in 2008 will be presented at the end of this quarter.

While the fiscal position has weakened from that envisaged at Budget time, this has to be considered in the context of the strong position of the public finances such as our low debt to GDP ratio.