Exchequer figures show €18.7bn budget deficit

Exchequer figures for the first eight months of 2009 show the nation's finances have continued to deteriorate.

The figures, published this afternoon, show a budget deficit of €18.7bn for the first eight months of the year, compared to €8.4bn for the same period last year.

The massive deficit can be attributed to several factors. Primarily, tax revenue for the past 12 months fell by just around €4bn.

A further €3bn was transferred from the National Pensions Reserve fund for the bank recapitalisation programme, while €3.8bn was paid out to prop up Anglo Irish Bank.

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