Aodhán Ó Ríordáin (Dublin North Central, Labour)
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Question 58: To ask the Minister for Finance the status of the fiscal advisory council contained in the programme for Government; the way that the council will be composed; if the composition of the council will have to be approved by the Houses of the Oireachtas; the frequency with which the council will report to the Houses of the Oireachtas; and if he will make a statement on the matter. [16921/11]

Michael Noonan (Limerick City, Fine Gael)
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The Government is committed to a wide-ranging agenda of reform in relation to its budgetary architecture. The commitment is set out both in the Programme for Government and the Joint EU/IMF Programme of Financial Support for Ireland, and includes the establishment of a Fiscal Advisory Council. As the Deputy may be aware, the Memorandum of Understanding on Specific Economic Policy Conditionality in the Joint Programme requires, as a structural benchmark, that the following steps are taken by the end of the second quarter of 2011:-

- specify the role of the Fiscal Advisory Council,

- appoint its members, and

- allocate resources to the Council.

Work is progressing to ensure that this deadline is met. Details of the arrangements being put in place in relation to the Fiscal Advisory Council will be announced shortly. While the Council will be independent, it is envisaged that the Oireachtas will play an important role in relation to it.