Noonan: Ireland on course to reduce deficit

IRELAND remains on course to reduce the government deficit to 10.6% or less of gross domestic product (GDP) this year — despite a forecast slowdown in GDP growth this year — Finance Minister Michael Noonan and Central Bank of Ireland governor Patrick Honohan have told the ECB, IMF and EU Commission.

Yesterday, the Government’s bailout partners received a request for the third installment of €5.5 billion from the European Union.

“The cumulative deficit for the first six months of the year was well below the adjusted programme ceiling, and the net central government debt was below the programmes’ indicative ceiling.