Mr. Robert Watt:

In respect of the fiscal space, the changes that were made need to be seen in the context of €58 billion. While we look at the increment from budget to budget it is a not insignificant sum but in the overall size of the budget it is not as significant. The estimation of it, and the team has gone through it, the number of variables and the uncertainty is significant in respect of what is potential growth in real and nominal terms and the CSO is revising real gross domestic product, GDP, and deflators in calculating the nominal GDP every quarter and every year so it is very difficult.

The Department also has to calculate the gap between where we are now and the structural balance in order to calculate the convergence margin to adjust then the potential growth. The medium-term objective is structural term so it is unreservable so there are calculation issues which adjust. There is enormous complexity. While everything is done to reduce the possibility of surprises it cannot be ruled in the future that changes will be made from mid-year to budget day to take account of things that may change. That could go in the other direction. It could be downward rather than upward adjustment.