I welcome the announcement that the budget has met all the conditions of the Stability and Growth Pact, which is the final piece of the assessment process for this country from a European perspective. The budget has been deemed to be compliant and no changes are required. With the deficit falling well below 3% this year, Ireland will exit the corrective arm of the Stability and Growth Pact at the end of 2015 and a balanced budget is in prospect within the coming years. Reducing the deficit below 3% is an important milestone in our recovery.

The Christmas social welfare bonus was abolished in 2009 by the previous Government. One of the consequences of the improvement in our economic situation is the very welcome provision for a 75% Christmas bonus payment this year, which will directly benefit 1.2 million social welfare customers and their dependants. Those bonuses will be paid in the first week of December, the necessary regulations having been signed yesterday. We hope, given the further improvement which is in prospect, that the payment will be increased further next year.