Mr. Donal McNally:

Well, as I recall it, the analysis suggested a soft landing, which would have meant that housing output would decline. I think there was a figure of 6,000 or 8,000 per annum, in which case there would be lower income taxes and VAT, and higher live register payments.

If it proceeded at that rate, it was possible, I mean, it could be possible to raise money in some other ways to try and offset that or to run a small deficit. We were in surplus or in balance for most of the period.