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News : Irish Economy Last Updated: Dec 6, 2010 - 6:43:00 AM

Irish Budget 2011: Department of Finance confirms 2010 deficit to be 32% of GDP; Oireachtas costs up 33% since 2004
By Finfacts Team
Dec 5, 2010 - 10:41:29 AM

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The Department of Finance on Saturday confirmed that the 2011 budget deficit will fall to 12.2% of gross domestic product (GDP), before Budget Day adjustments, from 32% in 2010 - - a record for the Eurozone and partly related to funding of Anglo Irish Bank. Meanwhile, the costs of running the Houses of the Oireachtas, have increased by 33% compared with 2004.

The deficit total will dip from €50.3bn this year  to €22bn in 2011 according to the pre-Budget White Paper on Receipts and Expenditure 2011.

Tax receipts are forecast at €31.5bn for 2010, €475m above target and the figures are based on this week's end-November Exchequer Returns.

Tax revenues are forecast at €33.1bn in 2011; other revenues (Central Bank surplus and income from State bank guarantees) are expected to be €1.9bn; and after expenditures, the shortfall is €22.4bn before the already announced fiscal adjustments totalling €6bn, which will be detailed on Budget Day, on Tuesday.

Interest on national debt will amount to €4.8bn this year and will rise to €5.1bn in 2011.

The White Paper says that the 1% of gross national product (GNP)  that is due to be paid into the National Pensions Reserve Fund for 2011 doesn't have to be paid because the State had assumed in 2009 and 2010 the assets and liabilities of the pension schemes of the 5 older universities and 'certain non-market public corporations' including FÁS. The paper notes that these funds have assets of about €2bn.

Strangely, there is no mention of the confirmation in September last by the Minister for Finance Brian Lenihan that the university funds were in deficit  amounting to about €630m led by Trinity College at €315m.

The cost of running the Oireachtas is expected to be €113m in 2011 compared with €123m in 2008 and 2009 and €85m in 2004.

Finfacts Budget 2011 Page

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