Mr. John McCarthy:

By and large, they do. A lot of water has gone under the bridge between now and October 2015. We projected a GDP growth rate of 4.2% for last year, slowing moderately to 3.5% this year which, as Mr. Moran stated, took into account a Brexit related impact of 0.5% in the short-term. Given the strong figure for the third quarter, the indications are that the figure for last year might come in somewhere in excess of the 4.2% projected and it is fair to say that high frequency data in the fourth quarter will support a reasonably strong figure for that quarter as well. For the year as a whole, it may come in slightly ahead of the 4.2% that we had assumed.

We had assumed a deficit last year of 0.9%. Taxes came in about €250 million shy of where we thought they would be but expenditure kind of offset it by coming in below what was estimated. We are very much on line for our headline deficit of 0.9% for last year. More important is going forward.