Mr. Terry Quinn:

On the Deputy's comment regarding the focus on ratios and rates of change, etc., versus looking at the composition of spending and taxation, one does not preclude the other. The sustainability of the public finances is part of our remit. One way of addressing that is to look at ratios and the rate of increase of expenditure relative to the sustainable growth rate in the economy and at the level of debt relative to national income. These are important indicators in assessing the safety and sustainability of the public finances but we are not precluded from looking at the composition of spending and making a judgment as to the appropriate allocation of those resources. It is beyond our remit to comment further and we are reluctant to do so.

On pensions, to the extent that there are long-term demographic pressures on the public finances, they have implications for budgetary planning and keeping the public finances safe and so, obviously, account must be taken of them. I do not wish to comment beyond that on the issue.

In regard to Brexit and its implications for Northern Ireland, there are certain sectors of the Irish economy that are more exposed to the risks of Brexit, namely, indigenous firms that trade more in the UK market. This is also the case for Northern Ireland. It is probably a region of the UK that will be more adversely affected by Brexit than others. This must be borne in mind. In terms of how to deal with that, I believe it is a matter for Government. It is not an area that the Central Bank can comment on further.