Bloomberg News

Ireland’s Noonan Expects to Cut Growth Forecast, Spokesman Says

March 15, 2012

Irish Finance Minister Michael Noonan said he expects to cut the government’s 1.3 percent economic growth forecast for this year when the government revises its figures next month, according to a ministry spokesman.

Noonan said that Ireland will still meet its full-year budget deficit target of 8.6 percent of gross domestic product, said Paul Bolger, the spokesman, confirming comments by the minister in Paris today.

Noonan said he also hopes to secure a deal by the end of the year with the country’s bailout partners to restructure about 30 billion euros of so-called promissory notes used by the state to rescue Anglo Irish Bank Corp, renamed Irish Bank Resolution Corp. last year, Bolger said.

While the government estimates the notes will cost about 17 billion euros in interest before they are repaid in full, it is paying this to the state-owned bank. IBRC, in turn, uses the notes as collateral to borrow from the Irish central bank.

To contact the reporter on this story: Joe Brennan in Dublin at

To contact the editor responsible for this story: Finbarr Flynn at

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