Fresh ‘boom and bust’ cycle not on horizon: Michael Noonan

Finance Minister, Michael Noonan has vowed the country will avoid repeating past mistakes and won’t return to a ‘boom and bust’ cycle on the back of its current strong economic recovery.

Following yesterday’s publication of a strong set of 2015 Exchequer Returns — which showed a near wiping out of the budget deficit and total tax revenues more than €3bn ahead of expectations — Minister Noonan said 2015’s strong performance was “further evidence” of the economic recovery the country started seeing last year.

“Overall, an Exchequer deficit of €62m was recorded...This is a massive improvement from a deficit of €8.1bn for 2014 which was buoyed by a return from some of our investments in the banking sector.