Mr. Derek Moran:

The Deputy’s point is well made. Early last year we did one for a global gross domestic product, GDP, shock to the Irish economy. One goes for the modest one, what happens if 1% falls off and that is the modelling. We considered what a 3% GDP shock would look like. That would mean all the major economies were in recession and gives a much better fix. The challenge always is to get the balance right. Modelling mild shocks gives only mild answers. We do need to look beyond that. That is why we have tried to do things like the 3% global shock and some of the advanced work around what these would look like on the tariff front and so on. Models give an answer based on what is put into the model. The world often turns out to be quite different when mitigants come into play and things evolve but the point is well made.