Mr. Fergal Ó Brolcháin:

From a European Union perspective, enhanced surveillance is still being developed, as it were. For this reason, it is not clear to what the regulation refers. While it does not provide for a particular timeframe, it refers to regular surveillance. To take the approach adopted by the International Monetary Fund as an example, the IMF also has post-programme surveillance but it runs these twice yearly. If one were to take this as an indication of what might be done, surveillance could involve twice-yearly visits. The IMF examines a considerably reduced number of indicators, including fiscal balance, economic performance and balance of payments and does so on the basis of ability to repay. I expect, although we cannot be definitive in this regard at the moment because the operational aspects of the proposal need to be developed, that the EU enhanced surveillance would adopt a similar approach. I do not expect quarterly visits.