Bernard Durkan (Kildare North, Fine Gael)
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64. To ask the Minister for Finance the extent to which he remains satisfied that he and his Department have identified most, or all, of any likely obstacles to continued, consistent economic development over the next five years; and if he will make a statement on the matter. [18040/15]

Michael Noonan (Limerick City, Fine Gael)
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My Department consistently monitors risks and obstacles to economic development over the short- to medium-term. The identification of potential obstacles is essential in the context of economic and fiscal forecasting.

This year, my Department expects the economy to grow by 4 per cent and to grow by 3.8 per cent next year. Over the medium term, the economy can probably grow by around 3-3¼ per cent per annum on a sustainable basis. Achieving these growth rates is contingent upon many factors including trading partner growth, continued improvements in competitiveness, sustainable public finances, access to credit, etc.

We have no control over some of these, but we do over others. As set out in the Spring Economic Statement (SES), the Government is using all policy instruments available to ensure continued improvements in competitiveness, sustainable public finances and improved access to credit.  So we are putting in place the framework conditions to help ensure medium-term growth rates of around 3-3¼ per cent per annum are achieved.

But of course there are risks, and in this context the Stability Programme Update (published alongside the SES) sets out a number of potential risks to continued economic development. Quantitative estimates of the impact of particular risks emerging are also provided.

A broader array of risks will be set out in the forthcoming National Risk Assessment 2015. Its purpose is to identify the risks which Ireland faces and therefore ensure appropriate prevention and mitigation measures are in place.