Mr. Donal McNally:

Well, there are various figures given for the reliance on these taxes. There's a figure mentioned of 30%. That includes corporation tax, and corporation tax is paid mainly by the multinational sector and is more related to foreign GDP than it is to domestic. And, in the case of stamp duties, the fact is that there's no stamp duty on new houses, it's ... stamp duty is on second-hand houses; it's VAT that's on the new houses. So, there was a concern that if the economy turned down sharply we could be exposed, but the general opinion was that there would be a soft landing, in which case there would be less tax, but there would be some facility either to raise tax in other ways or to let the deficit ... incur a deficit, which is allowable if ... to a certain extent, if growth reduces.