Tánaiste Eamon Gilmore has predicted the Irish people will see the benefit of the Government’s work to save €1 billion on the promissory note deal with the ECB when this year’s Budget is finalised in December.
Mr Gilmore said that it was the Government's view that the deal agreed with the ECB would ease the State's budgetary position by around €1 billion and he believed that this should be given back to the Irish people in December's Budget.
"This is the people's money and the people will benefit from what was negotiated. Our estimate is this will ease the budgetary situation by about €1 billion. Clearly what's going to be in December's Budget is a long way off but there will be a tangible benefit for people."
Earlier, Minister for Social Protection Joan Burton called for the €1 billion savings to be given back to the taxpayer as quickly as possible to help stimulate consumer demand and growth in the domestic economy.
Mr Gilmore said he expected the issue to be addressed by the Government parties when they begin their budgetary negotiations but he stressed that the promissory deal was a good deal for the State and he dismissed criticism of it by opponents of the agreement.
Speaking in Cork, Mr Gilmore said the Government remained committed to restoring Ireland's finances and ensuring the country is in a position to end the ECB/International Monetary Fund (IMF) supervision of State finances within months.
"We intend to say 'goodbye' to the Troika and that remains the position," said Mr Gilmore, adding that Ireland's gradual return to global bond markets and falling interest rates for Irish loans will help make that a reality.
