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Further capital reductions announced today.

  • 04-11-2011 4:15pm
    Closed Accounts Posts: 267 ✭✭

    The government has just announced further reductions in the capital budget totals for the coming four years compared to their already published reductions from this April. The individual capital projects will be announced next week.

    The new annual capital budget totals are (in € millions) with reduction from April 2011

    2012 3,940 (reduction of 360m)
    2013 3,375 (reduction of 525m)
    2014 3,255 (reduction of 245m)
    2015 3,255 (reduction of 245m)

    Medium term fscal statement November 2011

    Stability Program Update April 2011


  • Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob

    April Numbers ( pre reduction) were
    Year 2011 2012 2013 2014 2015
    Gross Voted Capital 4,675 4,300 3,900 3,500 3,500
    Non-Voted Expenditure 3,905 3,910 3,910 3,905 3,920
    Gross Capital Expenditure 8,580 8,210 7,810 7,405 7,420

    The reductions affect Gross Voted Capital NOT Non Voted Capital Expenditure...for what it is worth.

    I think gross voted capital was €7bn or so in 2006.

  • Closed Accounts Posts: 267 ✭✭OssianSmyth

    Sponge Bob wrote: »
    The reductions affect Gross Voted Capital NOT Non Voted Capital Expenditure...for what it is worth.
    Yes you're right, there are two categories of capital expenditure:
    gross voted covers departmental capital spending allocated in the budget vote, non-voted includes expenditure incurred by legislation such as bank recapitalisations.

    So far this year, we have spent 10.7bn on non-voted capital including:
    Anglo & INBS promissory notes: 3bn
    Irish Life & Permanent: 2.3bn
    Other banks: 5.3bn

    The reductions affect gross voted capital expenditure on infrastructure projects; non-voted capital is now expected to increase.