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DEPT OF FINANCE PROJECTIONS

The Department of Finance isn’t very good with numbers apparently. In a Halloween-themed news focus “House of Horrors” The Sunday Times asks: with a finance department that gets it wrong so often, should we all be scared? Among its biggest boo-boos are:
1999 to 2006 – Department of Finance tax take projections were in error by an aggregate total of 6.1%
2008 – tax return estimate out by €8.13 billion
2009 – emergency budget out by €1.4 billion
2008 – Minister for Finance Brian Lenihan says cost of the banking rescue could be borne by the financial services sector itself
Dec 2009 – Lenihan announces €4 billion adjustment to public finances calling it “the last big push of this crisis”.
Dec 2010 – Budget expected to cut an additional €4 to €5 billion (some say €7 billion) from government spending. Lenihan previously said it would be €3 billion maximum.

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