Mr. Michael Tutty:

On that particular issue, the reason we need to make this adjustment is because our figures are so peculiar compared with the other countries. In other countries, GDP and GNP are almost exactly the same so they do not have to go to GNI* to find out what is really happening. As Mr. Coffey said, internationally, GDP will still be used, but we need to know what is happening in the domestic economy to be able to run our affairs. That is the reason we have to go to GNI*.

On investment, we want to see investment taking place, but the issue is whether we will borrow for investment or use the existing resources for investment. That is where the difficult decisions are needed. If our debt level was at a much lower level and we had much more room for borrowing, we would say, "Go ahead and borrow for a greater investment". However, in our current situation where we still have not got down to a balanced budget, we do not recommend that we start expanding investment on the basis of expanding the borrowing. As Mr. Coffey said, we will have more scope for investment after 2018 when we have reached our medium term objective of a deficit of minus 0.5%. We will then be able to ramp up the investment. Our main concern will be to make sure that it is investment that brings a return in the future. However, until we have got to our MTO we would advocate that we should adjust priorities in terms of expenditure so as to have more investment, but not at the expense of more borrowing.