Dara Calleary (Mayo, Fianna Fail)
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Question 44: To ask the Minister for Finance if the proposed fiscal correction in 2012 is still €3.6 billion. [14160/11]

Michael Noonan (Limerick City, Fine Gael)
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The Stability Programme Update submitted to the European Commission and published by my Department at the end of April forecasts the 2012 General Government deficit at 8.6% of GDP, which is in line with the terms of the revised EDP Recommendation issued by the ECOFIN Council in December 2010. This forecast is based on the implementation of a budgetary adjustment of €3.6 billion in 2012. This is consistent with the Joint EU/IMF Programme of Financial Support for Ireland and is in accordance with this Government's commitment to adhere to the aggregate budgetary adjustment for the combined period 2011/2012, as set out in that Programme.

The 2012 General Government deficit forecast will of course be subject to further revision later this year as more up-to-date economic and fiscal data become available. Taking into account all information - both positive and negative - I will then bring forward my Budget for 2012 in December as is the norm. At this point, I see no reason to change the aggregate amount of consolidation needed.