Dáil Éireann Debate, Thursday - 22 September 2011
59 Deputy Thomas P. Broughan asked the Minister for Finance the expected deficit on the current side of budget 2012 net of bank bailout and interest payments; and if he will make a statement on the matter. [25479/11]
Amharc ar fhreagraThe majority of the banking-related expenditure, including Promissory Note payments and the recapitalisations undertaken in July, is classified as non-voted capital expenditure and does not therefore impact upon the current budget balance. However, the cost of borrowing to fund these payments is captured under debt interest costs which are classified as non-voted current expenditure. The most recently published forecasts in respect of budgetary aggregates were those contained in April's Stability Programme Update (SPU). The projected current budget deficit for 2011 published in the SPU was just over €12 billion. If projected Exchequer debt interest costs of €4.6 billion are factored out, the projected current budget deficit would have been forecast at approximately €7.4 billion. If the forecast receipts from the bank guarantee scheme, which are collected under non-tax revenue as a current receipt, were also stripped out, then the current budget deficit would have been projected at €8.2 billion.
Revised economic and fiscal forecasts, taking account of the most recent data including the recently agreed reductions in our Programme borrowing costs, will be published in the Pre-Budget Outlook next month.
