Dáil Éireann Debate, Wednesday - 9 July 2014
21. Deputy Mary Lou McDonald asked the Minister for Public Expenditure and Reform if he anticipates any further use of financial emergency measures in the public interest legislation; and the purpose or purposes for which he would be prepared to consider its future use. [29615/14]
View answerIn the absence of any unforeseen significant economic shocks that would undermine the necessary but extremely difficult fiscal consolidation path which this Government has been required to pursue since 2011, I do not foresee any requirement for the enactment of further Financial Emergency Measures legislation. The Financial Emergency Measures legislation was enacted to provide significant and immediate reductions in overall Government expenditure to meet the catastrophic fall in Government revenues from 2008 on. The legislation enacted continues to make a significant contribution to meeting our international fiscal obligations including bringing the general government deficit below 3 per cent of GDP by 2015.
Under section 12 of the Financial Emergency Measures in the Public Interest Act 2013, I must review the Financial Emergency Measures in the Public Interest Acts 2009-2013 annually and cause a written report of my findings to be laid before each House of the Oireachtas. I completed my last review of the Financial Emergency Measures in the Public Interest Acts on June 29 last and a copy of my review has been laid before each House of the Oireachtas. In this review I found that the measures currently in place continue to be necessary having regard to the purposes of the legislation, the revenues of the State and State commitments in respect of public service pay and pensions.
The consistent achievement of fiscal targets to date combined with significant structural reforms facilitated Ireland's exit from the EU/IMF support programme in late 2013. This achievement should not be underestimated and I have regularly acknowledged the contribution and sacrifices of public service workers and pensioners and others affected by the Financial Emergency measures.
