Budget 2011 details revealed in Recovery Package MOU
The Memorandum Of Understanding about the Recovery Package published yesterday seems to imply that there will be changes made to the revenue systems during 2011 (as opposed to at the start of the year). The document refers to a “yield €945m in 2011 and an extra €300m in a full year” when it discusses changes to personal tax bands and credits.
This would seem to indicate that the values will change after the first quarter of 2011 and that these changes will not be retrospective. In other words, we could have two (or more?) separate cumulative systems running during […]
EU agree €85 billion rescue package for Ireland
The EU has tonight agreed a €85 billion rescue package for Ireland, €10 billion of which will immediately be used to secure the banks. €17.5 billion of these funds are to come from the Irish pension reserve fund.the remainder being supplied by the EU and IMF at an average interest rate of 5.83%. Key points include
Ireland has been given an extra year, until 2015 to reduce the budget deficit to 3% of GDP required by the EU.
€15bn in Budget spending cuts and tax increases.
Restructuring of the main banks.
Banks must draw up a list of potential assets to dispose of. […]
Ireland asks for EU/IMF bailout
Taoiseach Brian Cowen has announced that the EU has agreed to a joint EU/IMF bailout details of which will be negotiated in the coming weeks. The package will be over three years and is linked to restructuring of the Irish banking sector and a deficit reduction plan. Brian Cowen also stated that income tax levels will be returned to 2006 levels.