Mr. John Palmer:

This is a matter that must be examined to decide what is the best way to go, but we see a big difference between the production of macroeconomic forecasts and an endorsement role. One is obviously a very significant role. The endorsement role consists of looking at the methodologies and at the data that is going in and deciding whether everything makes sense. The Deputy is setting up a scenario in which the Irish Advisory Fiscal Council insists on a hard position and we cannot come close to it. We just do not see that as being realistic, but ultimately the Deputy is correct: if we go in that direction, the regulation will require us to base our budget on macroeconomic forecasts that are endorsed by an independent body.