Séamus Kirk (Louth, Fianna Fail)
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Question 167: To ask the Minister for Finance when he expects to hold consultation with the Opposition regarding the statutory foundation for the Fiscal Advisory Council. [20299/11]

Michael Noonan (Limerick City, Fine Gael)
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The Departments of Finance and Public Expenditure and Reform jointly published a discussion document entitled Reforming Ireland's Budgetary Framework earlier this year. At the end of May, the Departments of Finance and Public Expenditure and Reform jointly hosted a seminar on the issue of reforming Ireland's budgetary framework. The seminar was intended to allow for discussion and debate among all interested parties and experts with a view to arriving at the optimum set of proposals for fiscal reform. The seminar was well attended and the views expressed are currently being considered in the further development of these policy proposals. In addition, the Department of Finance has also received a number of written submissions from interested parties.

The Discussion Document contained draft heads of a Fiscal Responsibility Bill. As well as the legal provisions of the changes to expenditure management structures and the legislation underpinning the fiscal rules, the Fiscal Responsibility Bill will also provide the statutory basis for the recently established Irish Fiscal Advisory Council.

Under the terms of the EU/IMF Programme, the Fiscal Responsibility Bill must be published by the end of the year. Once published the opposition parties will be able to discuss and offer comment on the Bill during its passage through the Houses of the Oireachtas.

The Fiscal Responsibility Bill and Irish Fiscal Advisory Council are being introduced as part of a wider agenda of reform of Ireland's budgetary architecture which is envisaged in the Programme for Government.