merrion street

Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin today issued a statement on the end of December 2011 Exchequer return figures.

Commenting on the Returns, both Minister Noonan and Minister Howlin stated:

We enter 2012 with our finances under control and this further underpins the credibility of our 2012 budgetary forecasts. The Exchequer deficit in 2011 was some €2¾ billion lower than it was 2010, when the impact of banking related expenditure is excluded. This shows that we are making progress in returning our public finances to a more sustainable path. The 2011 figures are slightly ahead of estimates included in Budget 2012 and we have met our budgetary targets set as part of the EU/IMF Programme for 2011

Minister Noonan stated:

After three years of falling receipts, tax revenues in 2011 grew by over 7 per cent. This is to be welcomed although we cannot lose sight of the fact that tax revenues were somewhat less than originally planned.

Minister Howlin added:

It is clear that we are reducing expenditure, as we must, and the Government will strive to ensure continuing tight control over expenditure in the coming years.