Business Irish

Monday 25 March 2019

New recruit sought to sharpen teeth at fiscal watchdog

Finance Minister Paschal Donohoe. Photo: Frank McGrath
Finance Minister Paschal Donohoe. Photo: Frank McGrath

The Department of Finance has advertised for a new member to sit on the Irish Fiscal Advisory Council (Ifac), which has emerged as a major critic of overspending by Minister Paschal Donohoe.

The council is a statutory body that oversees national and EU fiscal rules and is charged with validating the Government’s economic forecasts.

In its latest report it said that Mr Donohoe was not doing enough to control spending, citing overruns in the health budget which had resulted in the State using up much of the room generated by a surge in company tax receipts.

Ifac is made up of five council members who must each be an experienced, senior economist, plus a small full-time staff.

Council members serve for four-year terms. Dr Íde Kearney, an economist at the Dutch central bank, is due to step down when her term ends in March.

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