Government Achievements Overview
Update: Q3 2014
Government Achievements Overview Growth & Sustainability have Returned
D / Finance
Achievements
The economy has returned to growth -- GDP projected to grow by 4.7% and GNP by 4.1% in 2014 (D/Finance projections). Ireland’s general government deficit (excluding the banks) has decreased from €16.7bn in 2010 to a forecasted €7.9bn in 2014. In October 2014, the NTMA raised €1bn at a historically low rate of 1.63% for our 10 year benchmark bond. This compares to 15% yields in July 2011. We achieved this in 4 budgets that have not increased income tax, & maintained core
Reform
social welfare rates of jobseeker’s benefit, carer’s allowance, & state pension. Banking costs were limited from an initial €35bn (troika plan) to €16.5bn, through junior bondholder burden-sharing and securing private capital investment. Anglo Irish & Irish Nationwide (IBRC) are gone. The promissory notes were exchanged
Investment
for long-term government bonds, reducing our borrowing by €20bn for next 10 years. The Ireland Strategic Investment Fund (ISIF) has absorbed the National Pensions Reserve Fund & has €6.8bn available for productive investment in the Irish economy. €1.19bn of European Investment Bank funding was secured by Ireland in 2013.
Achieve ments
Employment is Growing
D / Jobs, Enterprise & Innovation
Employment has increased by 31,600 in the last 12 months, and over 70,000 since the launch of the Action Plan for Jobs in 2012. 2014 ‘Action Plan for Jobs’ contains 385 job creation measures, building on the 500
Reform
measures implemented in APJ 2012/2013. Includes 3 new high-impact ‘Disruptive Reforms’ in entrepreneurship, FDI and manufacturing. OECD says APJ is working. 31 Local Enterprise Offices (LEOs), are for the first time, combining the skills, experience and resources of Enterprise Ireland, County Enterprise Boards and Local Authorities to act as first-stop-shops to support businesses seeking info & support.
Investment
Construction 2020 is a cross-govt strategy with 75 actions aimed at tripling housing output and creating 60,000 jobs by 2020. Over €500m in additional credit available to Irish SMEs through the establishment of the Strategic Banking Corporation of Ireland (SBCI) ‘Employment and Investment Incentive’ scheme can now be used to raise €5m p.a.
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