Exchequer deficit at end-Nov 2010 was €13.3 billion

Joined
Feb 21, 2003
Messages
4,249
Website
www.politics.ie
Twitter
davidcochrane
End-November 2010 Exchequer Returns

  • The Exchequer deficit, at end-November 2010 was €13.3 billion compared to €22.1 billion at end-November 2009. The National Recovery Plan 2011-2014, published last month, set out that the Exchequer Borrowing Requirement (EBR) in 2010 would be €18.8 billion, in line with the Budget day target.
  • The €8.8 billion year-on-year improvement in the Exchequer deficit is largely due to payments of €3 billion to the National Pensions Reserve Fund (NPRF) and €4 billion to Anglo Irish Bank, which were made in 2009 and not repeated in 2010.
  • Taxes are just under €1.3 billion or 4.1% below the same period last year with net voted expenditure €1.8 billion or 4.2% lower. Non-tax revenue is up €1.9 billion in the year, due primarily to €1.3 billion in fees from the Bank Guarantee Schemes and increased surplus income of the Central Bank. On the non-voted current spending side, debt interest costs are just over €700 million higher year-on-year.

Tax Revenue

  • Tax receipts in the period to end-November amount to €29.5 billion. This is €470 million or 1.6% above profile. November is the largest month of the year for tax revenues and all tax-heads performed above expectations in the month. On a cumulative basis, all tax-heads with the exception of income tax are above target in the first eleven months. A corporation tax surplus of €589 million, combined with smaller surpluses in the other tax-heads, most notably excise duties and VAT, offset the income tax shortfall of €356 million. Income tax from the self-employed in the month of November performed better than expected although PAYE receipts came in below target.
  • The year-on-year rate of decline in tax revenues now stands at 4.1%. The National Recovery Plan 2011-2014 forecast a €450 million surplus in tax revenues for the year as a whole. The end-November tax figures are in line with this estimate.

Voted Expenditure

  • Total net voted expenditure at end-November 2010 is €40.8 billion, which is €1.8 billion or 4.2% below the same period in 2009. The Revised Estimates Volume projected a decline of 1.9% in total net voted expenditure in 2010.
  • Net voted current expenditure, at €36.4 billion is slightly below target (-€166 million or -0.5%) and is €495 million or 1.3% down year-on-year, despite the large anticipated increase in the current spending of the Department of Social Protection.
  • Net voted capital expenditure, at just under €4.4 billion at end-November is €1.3 billion or 23% below the corresponding period in 2009. It is €851 million or 16.3% below profile. The expected savings in capital expenditure at year-end are likely to be largely offset by the costs associated with staff exit mechanisms in the HSE.
The full statement is available from the Department of Finance website: http://www.finance.gov.ie/
 


Holy Cow

Well-known member
Joined
Oct 8, 2010
Messages
2,085
November tax number?
 

corelli

Well-known member
Joined
Jun 13, 2007
Messages
4,472
So, we're still bollixed, just not as badly as they thought!! :)
 
Joined
Sep 10, 2008
Messages
3,566
In fairness these figures look quite good in all reality to what many believed to be worser. This is also further evidence that it really is the banks pulling us down.

If we could just dump the banks we would stand a great chance of recovery especially if we used the NPRF to create a jobs growth package.
 

corelli

Well-known member
Joined
Jun 13, 2007
Messages
4,472

Barnacle

Well-known member
Joined
Sep 15, 2009
Messages
854
Massive increase in Corpo Tax. 20%! Where has that come from?
The 11th month of the Accounting period is an accelerated payment date for CT. Many companies accounting period end on 31st December so end of November is their accelerated date.
 

Clondalkin

Member
Joined
Oct 10, 2010
Messages
85
Since the Summer of 2008 we've been quoted the figure of €20 billion deflict even though with reduced annual bugets spending cuts/Tax increases of €14.5 billon they still quote the €20 billion figure. I'm guessing the morons in the Dept of Finance have just found the TOTAL button on the Government calculator.
 
Last edited:

JMcGynty

Active member
Joined
Nov 5, 2010
Messages
278
There will be a lot of government knockers dissapointed with the figures being good, if only the government would hurry up and default on the croke park deal because it is not being implemented and still wasting money, imagine how low the deficit would be if that was sorted outl
 

Doodah

Well-known member
Joined
Nov 14, 2010
Messages
1,067
"The €8.8 billion year-on-year improvement in the Exchequer deficit is largely due to payments of €3 billion to the National Pensions Reserve Fund (NPRF) and €4 billion to Anglo Irish Bank, which were made in 2009 and not repeated in 2010."

€8.8 billion year-on-year improvement in the Exchequer deficit represents a 40% reduction in the deficit in 1 year.
For whatever reason, these figures will not appear in any headline in the Financial Times, but a 40% deficit reduction in 1 year can bring hope and confidence to Irish people.
 

seabhac siulach

Well-known member
Joined
Feb 6, 2008
Messages
412
While these figures show that tax is approximately as the govt forecast (is this a first, at least for the last 13 years?), it is also shown that tax take is actually still down from last year (as is expenditure). So, all is not so rosy. We may be stabilising, but still going down, albeit more slowly. Effectively, all this shows is that the bad numbers the govt predicted at the start of the year have been borne out. Hardly outstanding...

What the increase in corporation tax indicates is that the parts of the economy away from the dead hand of Fianna Fail are doing okay. If it wasn't for their inept handling of the banking crisis, we might actually be weathering this depression somewhat easier than we have so far.
 

hmmm

Well-known member
Joined
Oct 4, 2006
Messages
2,831
Looking good. Now as long as this government doesn't tax us back into recession we can recover.
 

He3

Well-known member
Joined
Oct 1, 2008
Messages
17,077
So, we're still bollixed, just not as badly as they thought!! :)
Careful there corelli - the correct technical term is 'banjaxed and hobbled'. Or, if you believe Mary Hanafin, 'reeling'.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
Its great news. 1.6% ahead of target.

4.9% down on 2009 though.

We have definitely turned the corner and rosy days aren`t far away in that the budget adjustment will still ONLY :( be €6,000 million.

Next years tax receipts will be LOWER than this year even after a €1.5 billion adjustment
 
Joined
Sep 10, 2008
Messages
3,566
Looking good. Now as long as this government doesn't tax us back into recession we can recover.
But there lies the problem, because of Fianna Fails love affair with the banks, the debts of them and interest will sink us.

As many economists have said already, we could recover if we dumped the banks.

Of course dumping the banks isnt in Fianna Fails or the EU`s bigger picture, so things will get worse for no real reason other than to bail out banks.
 

oggy

Well-known member
Joined
Oct 28, 2009
Messages
8,900
The word "relief" comes to mind two days in a row. If only the Greens had not found a yellow streak and waited till 2012 election prospects would be better for both parties
 

hiding behind a poster

Well-known member
Joined
Mar 8, 2005
Messages
49,005
While these figures show that tax is approximately as the govt forecast (is this a first, at least for the last 13 years?), it is also shown that tax take is actually still down from last year (as is expenditure). So, all is not so rosy. We may be stabilising, but still going down, albeit more slowly.
True, but you have to remember that while employment was rapidly falling at the start of 2009, it was still notably higher than it was at the start of 2010.
 

seabhac siulach

Well-known member
Joined
Feb 6, 2008
Messages
412
"The €8.8 billion year-on-year improvement in the Exchequer deficit is largely due to payments of €3 billion to the National Pensions Reserve Fund (NPRF) and €4 billion to Anglo Irish Bank, which were made in 2009 and not repeated in 2010."

€8.8 billion year-on-year improvement in the Exchequer deficit represents a 40% reduction in the deficit in 1 year.
For whatever reason, these figures will not appear in any headline in the Financial Times, but a 40% deficit reduction in 1 year can bring hope and confidence to Irish people.
Yes, but the figures published here do not include similar payments to AIB, BOI, Anglo, etc. made this year. Something that will add approx. 40 billion to the deficit this year (to bring it close to 32% of GDP), according to EU commission accounting rules. The figures are presented in the rosiest manner possible precisely so that they can spun. I doubt many Irish people will find 'hope and confidence' in sleight of hand accounting exercises and discussions on deficits (something Cowen might take note of!).
Next year, when the 40 billion is off the books, can we expect to read of a close on 70% reduction in the deficit? Damned lies and statistics...sophistry...
 

Buddies

Well-known member
Joined
Nov 24, 2010
Messages
491
Good news. I wouldn't try knock the government, they are well able to do so all on their own.

Fair play to Ireland Inc
 


Popular Threads

Most Replies

Top