Mr. Andrew McDowell:

It is probably something that Europe as a whole needs to be considering. The Commission has committed to reviewing the impact of these flexibility clauses by the middle of 2018. We will make our views known. That process has to take place formally within the bank but, from our perspective, we do not see the investment clause flexibility as having had a significant impact on investment levels in Europe, which is consistent with the Deputy's understanding. There have only been two cases in which the investment clause has been used by member states to justify enhanced investment. The restrictions are tight. Due to the fast growth in Ireland's economy, we understand that Ireland is not eligible for flexibility under the investment clause at this time.