The Chairman of the review group set up to examine State assets and liabilities has said he expects to be in a position to draw up recommendations for the Government towards the end of the year.
Economist Colm McCarthy is leading a team of three that will consider the possible privatisation of semi-state companies such as the ESB, CIÉ and An Post as part of the review process.
Mr McCarthy said that the State as a whole is heavily over-borrowed with too much foreign debt on the balance sheet.
Speaking on This Week, Mr McCarthy said initially the group will assess the overall situation.
He said it is possible that the Government may look at allowances and tax bands as ways of raising revenue in December's budget.
Minister for Finance Brian Lenihan has indicated that he wants to keep taxation to a minimum.
Many of the recommendations in Mr McCarthy's 'An Bord Snip Nua' report have not yet been implemented and are still on the agenda. In addition, a review of local authorites has identified up to €500m in savings.
Mr McCarthy also said worker redeployment and flexibility, to be negotiated as part of the Croke Agreement, would yield further savings.
