Dáil Éireann Debate, Tuesday - 4 October 2011
163 Deputy Micheál Martin asked the Minister for Finance if he will host in his Department or elsewhere meetings connected with the quarterly review by the troika of Ireland’s financial assistance package. [20074/11]
Amharc ar fhreagra164 Deputy Billy Kelleher asked the Minister for Finance the persons other than civil servants who have met or are scheduled to meet with the EU-IMF review delegation. [20311/11]
Amharc ar fhreagra168 Deputy Micheál Martin asked the Minister for Finance the instructions he has given to staff of his Department in relation to the review of the financing programme; and if he will make a statement on the matter. [20073/11]
Amharc ar fhreagra171 Deputy Micheál Martin asked the Minister for Finance if any personnel in his Department are involved in preparations for meetings with the EU-IMF regarding their support for Ireland. [26101/11]
Amharc ar fhreagra184 Deputy Richard Boyd Barrett asked the Minister for Finance if he has met with the EU-IMF delegation; and if he will make a statement on the matter. [19808/11]
Amharc ar fhreagraI propose to take Questions Nos. 163, 164, 168, 171 and 184 together.
I personally met with the EU-IMF delegation during the combined first and second quarterly review of the EU / IMF Programme of Financial Support for Ireland on the 12th and 15th April 2011 and more recently during the third quarterly review on 8th and 14th July 2011. These meetings were also attended by my colleague, the Minister for Public Expenditure and Reform, Brendan Howlin T.D., and senior officials from both Departments.
The fourth quarterly review will take place from the 11th to the 21st October 2011. The majority of meetings will take place in my Department with a number of meetings also taking place in the Central Bank. Arrangements for these meetings are currently being put together by officials from my Department in consultation with the Department of Pubic Expenditure and Reform, the Troika, the Central Bank, the NTMA and the appropriate Government Departments. As has been the case with the previous quarterly reviews, the Troika may meet with officials from a number of financial institutions and other interested parties during the fourth quarterly review. These arrangements have yet to be finalised.
It is my intention to meet again with the Troika delegation during the fourth quarterly review. The review will comprise of a series of meetings to evaluate all the elements of the programme including fiscal developments including the Comprehensive Spending Review, the macroeconomic outlook, progress on commitments in the restructuring of the financial sector and structural reform. The meetings will range from technical to policy discussions and will be conducted, under my direction and that of the Minister of Public Expenditure and Reform and the Governor of the Central Bank as appropriate, by senior officials from my Department, the Department of Public Expenditure and Reform, the Central Bank and the Financial Regulator, the National Treasury Management Agency and the Office of the Attorney General. Other Departments and Ministers may also be involved where appropriate.
Clearly, for the forthcoming review, the primary focus will be on our performance against the targets due by the end of the third quarter of 2011 and assessing progress on targets due in coming quarters. I have already signalled that notwithstanding the substantial consolidation already carried out, in particular the amount being delivered this year, difficult decisions in relation to future consolidation remain. There is no doubt that Budget 2012 will be another difficult Budget. Under the terms of the EU-IMF Programme Memorandum of Understanding, an adjustment of at least €3.6 billion is to be implemented next year. But as I have already signalled, consolidation above that amount may be required if we are to adhere to the General Government deficit target set for 2012. That will become clearer in the coming weeks in light of the continuing assessment of the most up-to-date information available.
