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2010 Actuarial Review of the Social Insurance Fund - KPMG June 2010

2011 Annual Report of the Pensions Board

This document describes the preliminary findings of IMF staff at the conclusion of their mission to Ireland under Article IV of the IMF's Articles of Agreement.

Details of expected tax revenue profile consistent with Budget 2012 forecast of €35,825 million. The Budget 2012 forecast for Exchequer debt servicing in 2012 is €7,407 million. Created by Department of Finance, February, 2012.

2013 Estimates of Receipts and Expenditure (Pre-Budget). Department of Finance.

The 6th IMF staff report of the Irish bailout.

Ireland: Eighth Review Under the Extended Arrangement; Staff Report; Staff Supplements; and Press Release on the Executive Board discussion

Clinical data on in-patient and out-patient services

For any country, easy and efficient access to others is an important contributor to its economy and quality of life. It is particularly so when the country is an island with no land or rail links to major trading partners or potential tourists. In Ireland, this was recognised by earlier governments, who established and supported the establishment of State airline and shipping companies to ensure that such access was available. But these became State protected monopolies, with high costs and at times indifferent services. Some of us recall being frequent users of the Dublin to Brussels service offered by Aer Lingus in the 1970s and 80s, where flight availability was limited, and costs for a restricted economy ticket often fell in the range of €600-800 or even more.

The gap between current Government spending and revenue as measured by the General Government Deficit in 2012 was over €13 billion (8.2 % of GDP). We are committed to reducing this deficit under the EU Excessive Deficit Procedure to below 3 % by 2015. The pay and pensions bill accounts for 35 % of Government spending. If public sector pay and pensions were to be fully protected, the burden of adjustment would have to fall on non-pay current spending, capital spending or increases in taxation or some combination of these. While these items will have to bear a share of the necessary adjustment, putting the total burden of adjustment on these items would be either more economically damaging or socially regressive than putting some of the burden on pay and pensions. The proposed reductions in incomes over €65,000 are clearly progressive. However it is difficult to assess the impact of the reductions in overtime, premium pay and other allowances as the incidence of these will vary considerably in individual cases.

Analysis of Exchequer Pay and Pensions Bill 2007-2012

This report presents an analysis of fiscal incentives for retirement savings – models and redistributive effects – in Ireland and comparison with other countries who have well established second pillar pension systems. Published in October 2012.

Social capital is that set of reflexes we absorb from our culture, religion, families and our ancestors. It shapes how we react to crisis and opportunity

A review of recent work on measuring the impact of austerity from the ESRI, with implications for how we view the pain it imposes.

The present system of government accounting puts significant barriers in the way of achieving the optimum use of external service delivery.

Presentation to the IPA by Mr Derek Moran, Assistant Secretary, Tax Policy Unit, Department of Finance.

Adjusting for our relatively young population, Ireland has the most expensive health system in Europe. The OECD ranks the productivity of the Irish health system 28th out of 28 and estimates that GDP could be increased by 4.8% if a series of reforms were undertaken. So there is compelling case on economic and health effectiveness grounds for addressing reform. The Government’s “Future Health” document is hugely significant in that, if acted upon, it will affect our well- being and economic and social performance like no other initiative. If we get it wrong, it will cause huge damage. If we get it right, it could be transformative in a positive sense.

Commentary on the Deficit in the Social Insurance Fund.

We weigh losses far more heavily than equivalent gains, and we infer the general from the particular, rather than induce the particular from the general. These and many other features of our behaviour are elegantly documented in Thinking, Fast and Slow, authored by Nobel Prize winning Daniel Kahneman. In addition to loss aversion, he identifies the halo effect, anchoring, luck, the planning fallacy, optimism bias, the endowment effect and many other features characterising how we behave. They have considerable value as explanations as to how we got into such economic disarray, and provide some pointers as to how to frame the process of making progress. In this commentary, I summarise a few of the key insights, and their relevance to our situation in Ireland.

Key Point Based on the standard OECD measure Ireland has the most progressive income tax system (including social insurance contributions) in the EU.

Key Point We should move right away from lump sum to periodic payments in the case of medical negligence cases in Ireland. And this should happen before Budget 2013 is presented to the Oireachtas (Parliament) in December 2012. An excellent report explaining why this should happen, and how it should be done, was presented to the then Minister for Justice almost 2 years ago. Inaction will have many costs, not least that the Minister for Finance will have to find up to about €50 million right away that he (and we) can all ill afford

Ireland is a pioneer in the implementation of a carbon tax. This has allowed us to avoid (more) increases in income tax which would have further reduced disposable income, increased labour costs and destroyed jobs. It is also facilitating us in meeting our very demanding legally binding obligations to reduce greenhouse gas emissions, and provides support for the creation of new jobs in improving energy efficiency and growing the low carbon economy. We will continue to benefit economically and environmentally if we keep it in place, and increase the rate per tonne of CO2 from €20 to €25, as envisaged in the programme for government.

Suggestions to merge Trinity College Dublin (TCD) and University College Dublin (UCD) have been rejected. But they should emulate the US precedent and provide the facility for students, both undergraduate and graduate, to take courses for credit in each other’s programmes. This should be done across the board, with a minimum of bureaucracy and no fees transfer; the only requirements would be that students meet the necessary pre-requisites to take the course(s) in question, and that there is classroom or other relevant capacity in the receiving institution. It would help make the programmes of both universities more internationally competitive, and will encourage specialisation and scale in research; the whole will be more than the sum of the parts. The TCD-UCD Innovation Alliance and a few Higher Education Authority (HEA) bottom-up collaborative initiatives show promise, but to achieve serious economies of scale and scope, access should be universal. What is good enough for Harvard and MIT should be good enough for UCD and TCD.

By now most people will have heard about the switch to Saorview, whereby the analogue signal currently used to broadcast TV will be switched off at 10am on October 24th and replaced with a digital signal. What is less well known are the potential revenue benefits the switchover could have for the government. By freeing up scarce spectrum resources, the switch to Saorview paves the way for an auction of new mobile network licences that could raise €205 million immediately, and double that over the next fifteen years. Read this note to find out more.

Recent developments, economic forecasts, and their impact on the Irish fiscal position

Speech by Minister for Public Expenditure and Reform Brendan Howlin

Budget Day speech by Minister for Finance Michael Noonan

Part 1 contains budgetary statistics. The 2011 and 2012 voted expenditure figures are taken from the 2012 Estimates for Public Services, published in February 2012. Part 2 contains economic statistics mainly on the Irish economy with some comparisons with other international economies.

A speech by the Secretary General of the Department of Public Expenditure and Reform, Mr.Robert Watt, as part of the Dublin Chamber of Commerce SMART series on Thursday May 16th, 2013.

2009 Commission on Taxation Report.

Information on Medical Card coverage, other health service schemes and food safety.

Cumulative Profiles of Expected Exchequer Expenditure and Revenue 2013

Many argue that change in our electoral system is necessary to improve the effectiveness of Government. This article (published in 1986) argues that more fundamental change is necessary and proposes the introduction of a separation of powers model.

The report of the inter-departmental group on Property Tax design, chaired by Dr. Don Thornhill

Study into the effects of increases in personal taxes, cuts in spending and reductions in public sector pay up to mid-2011 in Estonia, Ireland, Greece, Spain, Portugal and the UK. Key finding is that the burden of fiscal consolidation is shared differently. The scale of the adjustment in Ireland is relatively very large - at two and a half times the average adjustment in the other 5 countries and is also relatively progressive.

The Benefits and Costs of the London Olympics

Domestic Water Charges in Europe

This is the review of the Troika Programme published 28 March, 2013

Living is about dealing with constraints – physical, economic, social, emotional, psychological and environmental. And a successful life is about knowing which constraints are critical, which are the ones we can do something about, and acting accordingly.

Dublin Bus : Funding and Financial Performance

Earnings And Labour Cost Data 2011. Central Statistics Office.

Economic Adjustment Programme for Ireland Autumn 2012 Review

The European Commission comment on the Irish bailout

Economic Forecast for Ireland Spring 2013

Employment Earnings Inequality in Ireland 2006 -2010. Seminar Presentation

Report on Earnings Inequality in Ireland 2006 - 2010

EU Commission 9th review of Irish Programme April 2013

EU IMF Programme of Financial Support for Ireland November 2012

This is the Fourth Quarterly Review of the Memorandum of Understanding covering the period to December 2011) Created by Department of Finance. (10 February 2012)

Presentation by Mario Draghi, President of the ECB, at the Euro Summit, Brussels,14 March 2013

Eurostat - Ireland spent 29.6 % of GDP on social protection in 2010(35.6 % of GNP)

Eurostat New Release: In 2011, 24% of the population were at risk of poverty or social Exclusion

A retrospective evaluation of elements of the EU VAT System.

This note assesses recent evidence on the incentive to work. It discusses the measures by which economists gauge work incentives and outlines the results of various empirical studies. Despite a relatively generous welfare net and the costs associated with working, most of the evidence suggests that the majority of unemployed people would be better off in a job.

Department of Finance presentation of the Exchequer Position for the first half of 2012

Monthly exchequer returns in Excel format. Returns are broken down in to their separate tax headings

An analysis of the expenditure and outputs in the Irish health system and a comparison with other OECD countries. Ireland has the third highest expenditure in the OECD, and the report looks at whether the high level of spending corresponds to similarly high levels of output.

The author describes how EMU design failures contributed to the European financial crisis, and proposes a redesign of the EMU that includes fiscal and banking unions.

Almost everyone agrees that the fiscal accounts of several advanced economies are in a pretty bad shape and need to be strengthened. But how rapid should the adjustment be? At times over the last couple of years, the IMF called on countries to step up the pace of adjustment when we thought they were moving too slowly. This column says that in the current environment, some might be going too fast.

This Fiscal Assessment Report assesses the macroeconomic and budgetary projections set out by Government in Budget 2012, including the appropriateness of the overall fiscal stance over the period to 2015.

This Report assesses the macroeconomic and budgetary projections set out by the Government in the Stability Programme Update 2012, and in advance of Budget 2013 and the appropriateness of the fiscal stance over the period to 2015. The report also considers the longer-term implications of compliance with the fiscal rules in the Fiscal Responsibility Bill.

The report assesses the Department of Finance's official macroeconomic and budgetary projections in the context of Budget 2013 and the forthcoming Stability Programme Update. The report also considers the appropriateness of the fiscal stance over the period to 2015, and looks at Ireland's compliance with the fiscal rules legislated for under the Fiscal Responsibility Act.

During the boom years, the competitiveness of the Irish economy deteriorated. Recovery depends on the restoration of our competitive position. When an economy becomes uncompetitive, a standard way of addressing the problem is to devalue the currency. Ireland did this in 1986 and 1993. But as members of a currency union this option is no longer available.

This paper proposes the establishment of a statutory National Savings Fund (NSF) for supplementary pension provision. This would apply to all workers and wouldn’t differentiate between different types of economic status such as self-employed, farmers, private or public sector employees. The proposal is designed to deal with the problems in the existing system. These include the fact that pension coverage in the working population is too low with too many people likely to be dependent, either totally or in part, on the State Pension. Costs in the pension industry are too high. There is an unacceptable lack of transparency. Other problems include the reality that the funding of many pension schemes is inadequate and large public sector liabilities are unfunded. The different pension arrangements applying to people working in the public and private sectors are a source of social tension. In addition the current arrangements in respect of tax relief are in need of reform.

When elected members of local authorities are faced with the possibility of a transformative development in their areas, they have two choices. They can initiate a process of becoming seriously informed of the technical, economic, social and environmental implications, engage on the basis of such information with key stakeholders and the general public, and then arrive at conclusions as to what the best way forward for their area is or they can grandstand with a rush to judgement.

Government’s proposed framework for reform of the health service, published in November 2012

The Gini Coefficient is a measure of income inequality based on data relating to households’ disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas a coefficient of one indicates perfect inequality. Ireland’s Gini Coefficient (2008) was 0.293, which is below (more equal) the OECD average of 0.316. Preliminary figures for 2010 indicate a Gini coefficient of 0.34.

Includes break-down of non-capital and capital expenditure on health

A break-down of employment in the health service by role and location.

Contains a range of information on the health status of the Irish population, including self-reported health status and clinical data.

At age 50 Irish men and women can expect to live more than 20 more years in good health

Speech by The Governor of the Central Bank, Professor Patrick Honohan to the Limerick Law Society in the University of Limerick.

The National Service Plan 2013 sets out the type and volume of services to be delivered by the Executive in 2013

IMF 9th Review of Ireland’s Programme March 2013

IMF Completes Ninth Review Under the Extended Fund Facility with Ireland and Approves €0.97 Billion Disbursement.

IMF Fiscal Monitor & Database April, 2013

The IMF Staff report on Ireland - September 10, 2012

This paper compares the impact of the financial crisis on Irish households, with 23 other European countries. It finds that Irish households have lost a significant proportion of net worth compared with other countries, due to the substantial decline in house prices. Irish households have greatly increased their savings to reduce high debt levels and have decreased their personal debt levels more than any other country since 2008.

This is the website of the Implementation Body established in July 2010 to oversee and verify progress in implementing the provisions of the Public Service Agreement, also known as the Croke Park Agreement.

There are many areas where the performance of the EU can be improved. Improving the governance of banks and addressing public debt have dominated recent efforts in Ireland and across the Union. Now that the promissory note aspect of our banking crisis has been addressed, there is an opportunity to focus on another area where the performance of the EU and Ireland is inadequate. There has been significant policy failure in the implementation of EU directives in Ireland and other Member States. The European Affairs Committee of the Oireachtas (Parliament) should be given an explicit mandate to monitor and report on our performance. Ireland should use its influence in Europe to put this issue on the EU agenda

Failure to implement EU Directives correctly and in time leads to significant costs. The most recent illustration of this is the Waterford Crystal pension’s case. We need to put a process in place to ensure that the transposition of Directives is done competently and in time.

By the Central Statistics Office

A module on the topic of pension coverage among workers aged 20-69 was included in the Quarterly National Household Survey in Q4 2009. This is a summary of the main findings. Pension coverage for workers aged 20-69 was 54% in the first quarter of 2008. The rate for female workers was 50% and the rate for males was 56%. Irish nationals have a significantly higher rate of pension cover than Non-Irish nationals. The highest rate of pension cover is concentrated in the public administration and defence sector where more that nine in every ten workers have a pension. The hotels and restaurants sector continued to have the lowest rate of cover as less than one in four workers had a pension.

This release contains important data on savings and household deb.

This note explains why it is appropriate in comparing levels of public expenditure in Ireland with other countries to use the proportion of GNP in Ireland’s case.

We face serious challenges. Understanding the facts, and how the public interest is or is not served by the choices we face, is the critical first step towards protecting our economy, environment and social cohesion. And if you are looking for a place to invest, put Cavan on your short list.

This short note from the Institute of International Finance compares and contrasts the recent economic fortunes of Ireland and Greece. Ireland’s relative success comes not just from its larger export sector and improved competitiveness, but also a gentler pace of fiscal consolidation and lower multiplier.

This note sets out the key facts in relation to the current Irish fiscal position as at May 2013.

Ireland's Report Card March, 2013

Ireland returned to the bond markets after an absence of two years. Here, we analyse the results.

This is Ireland's Stability Programme Update (SPU) which has been submitted to the EU Commission and which incorporates the Department of Finance spring forecasts for 2012.

Tax expenditures, also known as tax incentives or tax breaks, represent an infrequently explored and little understood area of Irish public policy. Despite this, they account for more than billion per annum in exchequer revenue forgone (2006 figures). This paper examines the tax expenditure regime in Ireland and highlights the role that tax expenditures should play in the budgetary adjustment planned for late 2010 and in other years. It looks at the nature and scale of Ireland’s tax expenditure system in national and international contexts and considers their impact, advantages, limitations and consequences. Concludes with suggested reforms.

Investor Presentation from the NTMA

The 2012 mobile licence auction will yield revenue for the state. This note explains what is happening and attempts to ascertain how much it is worth.

Report recommends a public utility model for the provision of water services in Ireland. The new utility would have full responsibility for the water cycle from abstraction to waste water treatment and sludge disposal.

The Department of Public Expenditure and Reform on the proposed successor to the Croke Park Agreement

Data on life expectancy, births, marriages and deaths, including age-standardised mortality rates

Eurostat publishes Maastricht returns which show that Ireland's General Government Deficit in 20012 was 7.6 % of GDP. The forecast for 2013 is 7.4 % of GDP.

This note by the Department of Finance explains the out turn of 2011 general Government deficit and debt and gives forecasts for 2012.

Maastricht Returns Information Note October 2012