Dáil Éireann Debate, Tuesday - 1 May 2012
196 Deputy Stephen S. Donnelly asked the Minister for Finance the expected date of exit from the troika programme, that is, the estimated date that the agreed funding will have to be fully used, taking into the account the recent agreement on the promissory notes; and if he will make a statement on the matter. [21776/12]
Amharc ar fhreagraAs the Deputy is aware, the programme is envisaged to run to the end of 2013. All programme funding must be drawn down by that date. While the arrangement regarding the recent March promissory note payment does not affect the programme timeframe, it does mean that the Exchequer has additional cash reserves of €3.06 billion at its disposal. On the basis that we fully draw-down the remaining EU-IMF funds available under our programme and taking account of the current projections for the State's financing needs, I understand from the NTMA that the programme covers Ireland's financial requirements until the end of 2013.
197 Deputy Stephen S. Donnelly asked the Minister for Finance the expected date of exit from the excessive deficit procedure, that is, the year, and month if available, when it is estimated the deficit will become less than 3% of GDP; and if he will make a statement on the matter. [21777/12]
Amharc ar fhreagraOn the basis of my Department's current budgetary forecasts, Ireland's General Government deficit is expected to be below 3% of GDP in 2015. The deadline for correcting the excessive deficit was extended to 2015 in December 2010 upon Ireland's entry into the EU/IMF Programme of Financial Support.
