Wednesday, 10 July 2019

Questions (132)

Joan Burton

Question:

132. Deputy Joan Burton asked the Minister for Finance the estimated Exchequer borrowing requirement for 2019; the requirement in 2018; the projected borrowing requirement for 2020; and if he will make a statement on the matter. [30297/19]

View answer

Written answers (Question to Finance)

I can advise the Deputy that the Exchequer recorded a surplus in 2018 of €0.1 billion, the first underlying surplus achieved since 2006 assisted inter alia by a strong corporation tax performance.

Turning to this year, the projected borrowing requirement is -€2.1 billion with the continued expansion of the National Development Plan; the refinancing of Irish Water's commercial loans with more competitively priced State funded debt and a projected €0.5 billion payment to the Rainy Day Fund contributing to this deterioration in the Exchequer position. For 2020 it is projected that an Exchequer surplus of €0.4 billion will be recorded, with an expected contribution from NAMA helping to boost the cash position.

Further detail on the Exchequer balance, including projections to 2024, are available in the Summer Economic Statement 2019 as set out in table 3 therein.