Dáil Éireann Debate, Tuesday - 25 May 2010
41 Deputy Joe Carey asked the Minister for Social Protection the balance of the social insurance fund for each of the past ten years; the projected balance for the next three years; the expected deficit for 2010; the details on the way this deficit will be met; and if he will make a statement on the matter. [21634/10]
View answerThe Social Insurance Fund comprises a current account and an investment account. To the extent that annual income is not required for benefit payments, this finance, together with the accumulated surplus from previous years is transferred to the investment account. Annual surpluses were a feature of the fund between 1996 and 2007. The highest annual surplus was realised in 2006. The accumulated surplus was €420m in 1999, it peaked in 2007 when the balance in the fund reached €3,632 million and subsequently fell to €934m by the end of 2009.
In 2010 the Fund will exhaust the cash balance held in the investment account. The operating deficit of the Fund at the end of 2010 is estimated to be €1.55 billion. This deficit will be borne by the Exchequer by means of a subvention from the Oireachtas — Vote 38. The authorisation of the House was given on 29th April to permit funding to be drawn down for use in the Social Insurance Fund. It is forecast that the Social Insurance Fund expenditure will exceed its income in each of the years 2011 to 2013, with the deficit continuing to be borne by means of a subvention from the Exchequer.
The Social Insurance Fund will continue to hold a capital asset over this period represented in the form of Department's headquarters property in Store Street, Dublin. A table outlining the income, expenditure, annual surplus or deficit and balances over the ten year period will be made available to the Deputies.
|
Year |
Receipts |
Payments |
Annual Surplus |
Accumulated Surplus |
|
€ m |
€ m |
€ m |
€ m |
|
|
1999 |
3,159 |
2,818 |
341 |
420 |
|
2000 |
3,726 |
3,291 |
435 |
855 |
|
2001 |
4,307 |
3,676 |
631 |
1,486 |
|
2002 |
4,798 |
4,376 |
422 |
1,273 |
|
2003 |
5,089 |
4,833 |
256 |
1,529 |
|
2004 |
5,560 |
5,273 |
377 |
1,906 |
|
2005 |
6,159 |
5,665 |
494 |
2,400 |
|
2006 |
6,975 |
6,326 |
649 |
3,049 |
|
2007 |
7,834 |
7,251 |
583 |
3,632 |
|
2008 |
8,144 |
8,399 |
(255) |
3,377 |
|
2009* |
7,304 |
9,747 |
(2,443) |
934 |
*The accounts for financial year 2009 are currently being prepared so the above figures are provisional.
|
Year |
Accumulated surplus |
|
2011 |
NIL |
|
2012 |
NIL |
|
2013 |
NIL |
