Michael McGrath (Cork South Central, Fianna Fail)
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172. To ask the Minister for Finance if he has had discussions with the troika on the scale of the budget adjustment in budget 2014; and if he will make a statement on the matter. [36680/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware review missions to Ireland by the three external partners, the EU, the ECB and the IMF (the Troika) take place each quarter as part of the regular review process of our EU-IMF Programme of Financial Support for Ireland. My colleague, the Minister for Public Expenditure and Reform, Mr Brendan Howlin T.D., and I met with the EU-IMF delegation during the 11th Review mission which is currently taking place (9 – 18 July). These meetings were also attended by senior officials from both Departments. A wide range of topics related to the progress of the Programme are covered at these meetings, including fiscal policy, financial reforms, structural reforms, and economic developments. Budget 2014 will be discussed in this context. Budget 2014 will be announced on the 15th of October 2013 and in the preceding weeks and months, as further information is available, Government policy on Budget 2014 measures will be finalised. I will not be drawn into speculation at this time, on the composition of the next budget.

It should be noted that the most recent Programme Documents, dated June 2013, do not contain explicit requirements in relation to Budget 2014. However, the EU Council Implementing Decision on Ireland’s Programme of Financial Support, dated 7 December 2010, provides for the reduction of our General Government Deficit to below 3% in 2015 reflecting the Council’s recommendation on Ireland’s Excessive Deficit Procedure, of the same date, which sets out the path to achieve the deficit targets including 2014.