Mr. John A. Moran:

The efficiency with which the expenditure cuts are going across the system is to the credit of my colleagues in the Department of Public Expenditure and Reform. I will start by making that point. I have a difference of view as to whether there is growth in the system at present, because we recorded last year that there was growth in the system and that the Irish economy grew by 1.4%. Therefore, there is an analysis that would suggest we are managing to walk a very tight type of walk between managing to get proper fiscal corrections into the system and doing so in a way that avoids contracting the domestic and international sectors of the economy in such a fashion that there is no growth, while bearing in mind that we are in a very small minority of countries across the European platform that have recorded growth last year and will record growth again, we think, this year.