Mr. John McCarthy:

I will give the Deputy one example. This is unfortunately technical and we will try to provide a note in layman's terms as the Chairman has requested, although it is not easy. In 2015 or 2016, after we came out of the excessive deficit procedure we were concerned about the reference rate, which is a key metric which feeds into the calculation of fiscal space. It is updated in the rules every three years. It is calculated out over a ten-year timeframe and it has backward and forward-looking components. We felt that process was unfavourable in an Irish context because in 2015 it would have taken into account the negative potential growth rate in 2010 and 2011, when the economy was in the depths of the crisis. We made a very strong economic argument to the Directorate General for Economic and Financial Affairs, DG ECFIN, that it should be updated on a annual basis, which would have meant eliminating those years from the calculation. I am open to correction on this because it was a couple of years ago but that change increased fiscal space by approximately €400 million to €500 million in that year and in subsequent years.