Mr. Derek Moran:

The net effect is that we are required to borrow smaller and smaller amounts to fund the State so it has the effect of allowing one to borrow less to fund the deficit so that one's debt does not go up by as much. The interaction between Mr. McCarthy's people and the Irish Fiscal Advisory Council is at a very professional level. Comprehensive information is provided for the forecasts and as Mr. McCarthy said, outside of the formal engagements there are other meetings. The assessment of the council is that the budget for 2016 is compliant with the rules on the basis of the numbers. It is the council's job to highlight risk. The level of debate around fiscal policy and budgetary policy is much higher now than it was eight or ten years ago. That is incredibly positive.