Ms Mary Rose Burke:

No. The €200 million net adjustment takes into account an increase of the entry level into the higher marginal tax rate, a reduction in the higher marginal tax rate by 1%, the abolition of the excise increases imposed last year and maintenance of the 9% VAT rate in the hospitality area, as well as the pension levy. This should be balanced and paid for by the €500 million expected to be achieved from water charges, which we are assuming will be efficiently and effectively collected, and an additional €385 million in expenditure reductions as part of the ongoing reform agenda.