Michael McGrath (Cork South Central, Fianna Fail)
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Question 111: To ask the Minister for Finance if Ireland is required to achieve a fiscal correction of a nominal amount of €3.6 billion in 2012 or achieve an 8.6% under the EU's excessive deficit procedure rules; and if he will make a statement on the matter. [22294/11]

Michael Noonan (Limerick City, Fine Gael)
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The General Government deficit target for 2012, as set by the ECOFIN Council in December 2010 is 8.6% of GDP. The Government is fully aware of the importance of that target in the context of the 2012 Budget. The Government is committed to implementing an overall adjustment package of at least €3.6 billion in 2012. This is to ensure the deficit target for 2012 can be achieved. As we go through the second half of the year, we will have to study closely the emerging trends, both positive and negative, and formulate what the likely outlook for 2012 will be.