Mr. John McCarthy:

The point I would stress is that GNI* is a purely domestic measure. It is only available at the moment in nominal terms so we do not know what the real growth rate of GNI* was, even last year or the year before, because the figures are not available yet because it is difficult to deflate and so forth. We use GNI* for domestic purposes and because we think it is more relevant to assess fiscal variables on that basis. It has no legal standing at a European level. However, where it is discussed at a European level is when the Commission does its post-programme surveillance reports on Ireland every six months. It will get to GDP, on which Ireland complies, and then get to GNI* where Ireland has still high indebtedness and that is discussed by Ministers. I stress that there is no legal basis for GNI*. EUROSTAT has a legal basis for GDP and GNI but not for GNI*.