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Exchequer deficit of 13.4bn recorded to end of Sept


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davidcochrane
Statement by Brian Lenihan just issued...

An Exchequer deficit of EUR13,376 million was recorded at end-September 2010. This compares to an Exchequer deficit of EUR20,158 million for the first nine months of 2009.

Commenting on the Exchequer Returns the Minister for Finance, Mr. Brian Lenihan, T.D. said:

"The Exchequer deficit for the first nine months of 2010, at EUR13.4 billion, is in line with expectations for this point in the year.

In the period to end-September, tax receipts were on target, at EUR22.2 billion. As anticipated, the year-on-year rate of decline in tax revenues has continued to ease since the end of 2009. At end-September, tax revenue is down 6.5% year-on-year.

Three of the big four tax-heads - VAT, excise duties and corporation tax - are running ahead of expectations in the first nine months of the year, the performance of corporation tax is particularly encouraging. Income tax remains behind target, reflecting labour market developments. There are significant receipts profiled for collection in the last quarter of the year, most notably in relation to income tax and corporation tax but the current expectation is that taxes overall will end the year in line with the Budget target of EUR31 billion.

On the spending side, overall net voted expenditure at EUR33.2 billion is over EUR1½ billion below the same period last year. This reflects a tight control of public spending. Day-to-day spending is running marginally ahead of target. On the capital side, there is a significant underspend at this point in the year. While this underspend should be substantially corrected in the last quarter of the year, it is not unreasonable to expect savings in this area at year-end.

The Exchequer figures show the public finances have stabilised due to the decisions taken by the Government. Stabilising the public finances is essential if we are to protect existing jobs and create new ones. Today's Exchequer figures show we are on the right path towards economic recovery."
 


Cassandra Syndrome

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Tax revenue down 6.5% yoy. That shows how much the real economy has shrunk further.

Bo doubt this will be spinned as glory.
 
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Still on a psoitive note the fact that we have lost 7 billion less than last year must be a good thing ?

Or am I reading this wrong?
 

HarshBuzz

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it's not the deficit as recorded by Eurostat

Saint Lenihan hasn't included the banking numbers in there
 

Cassandra Syndrome

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Still on a psoitive note the fact that we have lost 7 billion less than last year must be a good thing ?

Or am I reading this wrong?
That €7 Billion went to Anglo and the National Pensions Fund for BoI and AIB last year.

This year the bank recaps don't feature in the Exchequer Statement.
 
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This is the best part!


Note 6 Non-Voted Capital Expenditure

EU Stability Support to Greece

(345,702)
 

Chrisco

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Am I being overly cynical for raising an eyebrow to the fact that their tax take for September was exactly in line with the January forecast?

It would be the first time that a DoF forecast was right about anything.
 
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That €7 Billion went to Anglo and the National Pensions Fund for BoI and AIB last year.

This year the bank recaps don't feature in the Exchequer Statement.

How do they get away with that? Surely if they had to do it last year they would need to do it this year?

So what is the real figures with Bank debt included?
 

FlyOver

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That €7 Billion went to Anglo and the National Pensions Fund for BoI and AIB last year.

This year the bank recaps don't feature in the Exchequer Statement.
Yes, so apples to apples comparison of government rev/exp deficit is the same as last year. The notion of running to stay in the same place!!! :(
 

DeputyEdo

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"finances have stabilised due to the decisions taken by the Government"

Have they finally stopped calling bank bailouts "the hard decisions"?

Not a mention of a corner being turned either!!
 

Cassandra Syndrome

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Recoupable advances to NAMA
:p:p:p:p

That's like quoting

"Recoupable round of drinks from a Cavan man"
 

Cassandra Syndrome

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How do they get away with that? Surely if they had to do it last year they would need to do it this year?

So what is the real figures with Bank debt included?
For this year in physical capital its hard to judge. Certainly in Promissory notes it will be at least €30 Billion more.
 

dalywise

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How do they get away with that?

So what is the real figures with Bank debt included?
because the civil service is now spinning for their FF masters. These figures are not comparing like with like. Watch next year when the bank bailout figures wash out of the accounts. The headline will be

"Deficit cut in half thanks to Government management of the economy".
 

Cassandra Syndrome

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OK, so what's the estimates on how many times the word "broadly" will be used in the news this evening?
 

Cassandra Syndrome

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Omma is on loike driovetiome on RoyTE Rodio totally discussing this now loike
 

He3

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because the civil service is now spinning for their FF masters. These figures are not comparing like with like. Watch next year when the bank bailout figures wash out of the accounts. The headline will be

"Deficit cut in half thanks to Government management of the economy".
Comparing apples, oranges, and going bananas....
 

smitchy2

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If everything is in “line with expectations” how does he explain the fact he will need more cuts in the next budget than he was indicating up to last month!

Yet another serious credibility problem for a failed minister.

They tried to leave the €7bn out of the figures last year but were forced to put them in by Eurostat. It will be the same situation this year so he is being utterly foolish pretending they will not be there to make the year on year look favourable.
 

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