Budget will be €7billion: Noonan breaks confidentiality on RTE

gijoe

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Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be €7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just €4billion whereas the Dept of Finance told him in the briefing that it will be €7billion.
 


DCon

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Who cares.

Better to have it out there than have FF pretending all is good.

Also, this is what the DoF are saying based on their growth projections. The DoF are not the government and political considerations will be a huge factor in the budget.
 

He3

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Like the DoF understand markets.
 

jacko

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if FF bring in that budget they'll hardly get it past the cabinet not to mind the backbenchers
 

Clanrickard

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Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be €7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just €4billion whereas the Dept of Finance told him in the briefing that it will be €7billion.
You make it sound like a bad thing that he spoke out.
 

jacko

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Lets agree it is €7 billion - let every party agree that this is the first figure of the four year agreement with EU- lets call an election and have each party outline its cuts/taxes for the €7 billion adjustment -lets vote - and lets get on with it !
 

gijoe

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You make it sound like a bad thing that he spoke out.
What's your understanding of the word 'confidential'? Although I agree the public deserves to know, he entered those discussions on that basis.
 

MPB

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A quicker way to get the markets lending again at reasonable rates would be to revoke the Bank guarantee to bondholders and make a decision to let all Banks go with the exeption of BOI.

The markets are not going to lend to a country that gives 50 billion of borrowed money to idiot investors in Private Banks, while passing the bill to taxpayers.

Would you lend to a country to pay for the bad investments of others in Private institutions?
 

constitutionus

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im not quite sure its all down to noonan.

newstalk were banding around the 7 billion figure on their breakfast show this morning too so maybe its a "softly softly" slow release tactic that culminated in noonan contributing.

it could also be a way of scaring the bejezzus out of people so when a 5 billion one hits they count their blessings.

either way it gets the figure out there.
 

grafter1

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If they want to borrow in January the number sounds about right.

I take it this means that compulsory redundancies in the Public sector will be on the table. Croke Park was a nice illusion while it lasted.

It will be interesting to hear how the bearded fat cats react to this
 

Limerick Lad

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Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be €7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just €4billion whereas the Dept of Finance told him in the briefing that it will be €7billion.
These are our finances not the Governments therefore no duty of confidentiality applies.
 

olamp

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What's your understanding of the word 'confidential'? Although I agree the public deserves to know, he entered those discussions on that basis.
It`s about time somebody told the truth.
 
G

Gimpanzee

So, lets get this straight. This a thread about a politician telling the public what the DOF think state of the public finances are in, and I'm getting the hint the op thinks this reflects badly on the politician involved?
 

kav0777

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Just on Pat Kenny a few minutes ago Michael Noonan revealed that the Dept of Finance in the meeting he had with them told him that the budget would have to be €7billion in order for them to borrow on the markets next year. This was supposed to be a 'confidential' briefing from the Dept in preparation of the budget. Noonan revealed the true budget figure in the context of saying that the ESRI are arguing for a budget of just €4billion whereas the Dept of Finance told him in the briefing that it will be €7billion.
I'm assuming that the €7 billion refers to the reduction in the deficit rather than the budget being €7 billion.
 

Clanrickard

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What's your understanding of the word 'confidential'? Although I agree the public deserves to know, he entered those discussions on that basis.
These are our finances not the Governments therefore no duty of confidentiality applies.
Thanks for answering Limerick Lad.
 

Oldira1

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If they want to borrow in January the number sounds about right.

I take it this means that compulsory redundancies in the Public sector will be on the table. Croke Park was a nice illusion while it lasted.

It will be interesting to hear how the bearded fat cats react to this[/QUOTE]

Idiot! You think the bearded fat cats will suffer? It will be nurses and ordinary clerical staff that will feel the pain while the higher echelons will contines on their merry way or jump ship to places like Arthur Cox and Ernest & Young to whom they have been throwing money at for years.
 

LowIQ

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What's your understanding of the word 'confidential'? Although I agree the public deserves to know, he entered those discussions on that basis.
The public's right to know trumps some contrived Civil Service confidentiality.
 

karldaly

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drip
drip
drip
drip
drip

lies
lies
lies
lies


"The financial crisis has revealed information gaps that we have to close while also preparing ourselves for future challenges," Mr Trichet told delegates to an ECB conference in Frankfurt.
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"We have seen that the potential for loss of credibility affects the entire union," Trichet said.

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gijoe

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I'm assuming that the €7 billion refers to the reduction in the deficit rather than the budget being €7 billion.
No. The budget adjustment will be €7billion. He was contrasting it with the ESRI suggesting that it should not be more than €4billion.
 


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