Mr. Seamus Coffey:

The question is whether, because of some of the risks identified, the economy would need some fiscal stimulus or support three or four years down the line. If the buffers have been built up, not necessarily making a fixed contribution but running towards a structural balance and if the economy is performing quite well, that should mean a surplus in nominal terms once the impact of the business cycle is stripped out. There are surpluses in nominal terms such that if the economy hits a downturn those surpluses should evaporate as tax revenues fall and income supports such as unemployment benefit have to be paid. If the economy needs a stimulus and we access funds from the rainy day fund, that would be active but that would be based on the first part, that is, running the surpluses in nominal terms, when there is a strongly performing economy. It is not an active or solid counter-cyclical policy to say we will spend more money in a downturn and spend resources as they come in when the economy is performing strongly.