Mr. John McCarthy:

To give ex anteclarity to policymakers, the European Commission, as part of the European semester, that is, in the spring every year, locks down what is required for the following year. This is to give greater clarity so policymakers know whether the figure is €1 billion, €2 billion or zero. It is based on a number of inputs that are available in the spring every year. Nine out of ten of them are locked down. There is one variable that can change but it does not really impact to that extent. The answer to the Deputy's question is that the €1 billion is pretty much locked at this stage. One issue I would flag is that there is a little more scope for spending this year because in the mid-year expenditure report, €200 million was identified for schools and flooding that was not provided for in the numbers. There is therefore a modest uptick this year, but for next year the fiscal space is pretty much locked down at €1 billion. By fiscal space I mean the maximum amount one can do to be compliant with the fiscal rules.