Mr. Seamus Coffey:

We have been looking at that and analysing the patterns in the Exchequer returns. In terms of the relative weaknesses in the profiles, if we compare the figures year on year, most receipts are still showing significant growth. Clearly, the projection was that the growth in tax revenues would be greater, particularly in the case of VAT, which is currently approximately €250 million behind profile. That will have an impact on the budget outcomes in terms of the projected deficits, etc.

In terms of weakness, given the extent thus far, we would not say that revenues, in overall terms, will come in below profile. Although some tax heads are showing below profile receipts for the past couple of months, others are above profile.

There may be timing issues in regard to excise duty. There are suggestions that when plain packaging was introduced many packaged cigarettes were purchased which led to an increase in excise duties in the early part of the year. That money will not be collected in the later part of the year. Corporation tax receipts remain significantly above profile. In overall terms, we do not see weakness.

For those area that are showing certain weaknesses, such as VAT or income tax being below profile, at this stage it is still too early to say whether that is a result of timing effects that could be washed out before the year is over. It does not seem to be reflective of an underlying weakness in the economy. We still have employment and expenditure growth. It is something on which we will keep an eye, but at this stage we would not say that there is weakness there.