Irish Fiscal Advisory Council

Irish Fiscal Advisory Council (IFAC)

Company type	Independent Statutory Body
Genre	Independent Budgetry Oversight of State
Founded	July 2012 (interim) 12 December 2012
Headquarters	Whitaker Square, (ESRI Building), Sir John Rogerson’s Quay, Dublin D02 K138 , Ireland
Area served	Ireland
Key people	Seamus Coffey (Chairperson) Mr Sebastian Barnes Dr Íde Kearney Mr Michael G. Tutty Dr Martina Lawless
Products	Statutory Body that conducts independent budgetry oversight of Irish State finances and compliance with leglislated fiscal rules
Website	IFAC website

Irish Fiscal Advisory Council ("IFAC") is a non-department statutory body that provides independent assessment and analysis of the Irish Government's economic and budgetary forecasts, as well as its wider fiscal approach. It also monitors compliance with EU budgetary/fiscal rules and other EU agreements.

Purpose

IFAC was formed as part of an agenda of reform of Ireland’s budgetary architecture post the Irish economic and financial crisis. It was created on an interim basis in July 2011, and legally created formed under the Fiscal Responsibility Act 2012 which was part of the EU-IMF Programme of Financial Support for Ireland.

IFAC performs a similar role to the Office for Budget Responsibility in the United Kingdom (also formed after the financial crisis) or other equivalent members of the Network of European Union Independent Fiscal Institutions (which IFAC joined in Septemeber 2015).

IFAC is structured as a Council of 5 members (one Chairperson) and a supporting analytical team of circa 6.

The formal mandate of the Irish Fiscal Advisory Council (per IFAC website) is to:

• Assess and endorse the Irish Government’s official macroeconomic forecasts.
• Assess the Irish Government's budgetary forecasts.
• Assess the broader fiscal stance of the Irish Government.
• Monitor compliance with legislated fiscal rules by the Irish Government.

IFAC has been well received by Irish financial commentators and its publications are widely covered in the Irish media.

Publications

The key mandated publications of the Irish Fiscal Advisory Council are:

• Bi-annual Fiscal Assessment Report (FAR) (produced after the Irish autumn Budget, and the spring Stability Update).
• Bi-annual Endorsement Letters of macroeconomic forecasts (produced in advance of the Irish autumn Budget, and the spring Stability Update).
• Annual Pre-Budget Statement (produced before the Irish autumn Budget).
• Annual Ex-Post Assessment of Compliance with the Domestic Budgetary Rule.

The Irish Fiscal Advisory Council has commenced an annual conference titled “Path for the Public Finances” that was started in March 2017. The goal is to bring attention to long-term Irish State finance issues relevant for Ireland. International speakers attend. Each annual event is intended to focus on a particular theme, which has been:

• March 2017 Path for the Public Finances: Fiscal Risks.
• March 2018 Path for the Public Finances: Too Hot, Too Cold! The Irish Cycle.

IFAC also publishes Analytical Notes and Working Papers in areas of concern to Irish financial stability (including House Prices, Tax Receipts, and EU Rules/Guidelines).

Council

Chairperson

• (2016-current) UCC economist Seamus Coffey.
• (2011-2016) UCG Professor John McHale.

Council members

• Mr Sebastian Barnes
• Dr Íde Kearney
• Mr Michael G. Tutty
• Dr Martina Lawless

See also

• Irish Economic and Social Research Institute
• Central Bank of Ireland
• EU Independent Fiscal Institutions Network

External links

• Irish Fiscal Advisory Council website
• Professor John McHale Bio
• Seamus Coffey Bio
• http://www.finance.gov.ie/what-we-do/public-finances/publications/irish-fiscal-advisory-council/ Irish Department of Finance IFAC Portal]
• IMF Ireland Portal
• EU Financial Assistance Portal