Last-quarter recovery defies pessimists with €95m surplus

A LAST-MINUTE recovery in the national finances has left the country with money in the bank despite predictions of a New Year debt.

End of year exchequer returns published yesterday recorded a surplus of income over day-to-day expenditure of €95 million for 2002 just months after the Department of Finance warned that a €750 million deficit was in store.

But the remarkable turn-around will not mean any loosening of Government purse strings which were pulled tight in last month’s budget.