Michael McGrath (Cork South Central, Fianna Fail)
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Question 76: To ask the Minister for Finance the priority issues he intends to raise with the EU-ECB and IMF during their forthcoming mission review visit here with particular regard to the possible renegotiation of elements of the memorandum of understanding. [27884/11]

Michael Noonan (Limerick City, Fine Gael)
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The fourth quarterly review of the EU/IMF Programme of Financial Support for Ireland takes place from the 11th to the 21st October 2011. The review will comprise of a series of meetings to evaluate all the elements of the programme covering fiscal developments including the Comprehensive Spending Review and potential asset disposal, the macroeconomic outlook, progress on commitments in restructuring the financial sector and structural reform. Clearly, for the forthcoming review, the primary focus will be on our performance against the targets due by the end of the third quarter of 2011 and assessing progress on targets due in coming quarters. I have already signalled that notwithstanding the substantial consolidation already carried out, in particular the amount being delivered this year, difficult decisions in relation to future consolidation remain. There is no doubt that Budget 2012 will be another difficult Budget. Under the terms of the EU-IMF Programme Memorandum of Understanding, an adjustment of at least €3.6 billion is to be implemented next year. But as I have already signalled, consolidation above that amount may be required if we are to adhere to the General Government deficit target set for 2012. That will become clearer in the coming weeks in light of the continuing assessment of the most up-to-date information available.

The Government has repeatedly stated its commitment to the Programme targets. Meeting these conditions on time and on target, is the best way to ensure that we emerge successfully from this programme. That will mean that we can return safely to the financial markets for funding in as timely a manner as possible. This is one of the principal objectives of the programme. The Government's commitment to the Programme does not stop us from seeking and agreeing changes to aspects of the programme. We have already done this successfully. The Government will continue to do so at the appropriate time.