Professor John McHale:

The property tax and the water charges are built into the €5.1 billion of adjustments and indeed including what is happening for 2013, the €8.6 billion of adjustments that are to happen between 2013-15. The negative effects are built into those growth projections. What we were arguing earlier - again with all of the caveats the Deputy noted - is that there should not be a need for more measures beyond those after 2015. Unfortunately, it does not mean that those measures can be taken back, the property tax rescinded and so on. It is based on the assumption that those measures stay in place but additional austerity measures would not be needed, based on the best projections we can make.