Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The Deputy is correct that €1.5 billion is to be transferred from ISIF. I do not have a date for when that transfer will be made during the year. That will depend on the legislation being passed and signed by the President, and when that happens. The objective, initially, is to transfer a single tranche of €1.5 billion. There will be subsequent annual transfers of €500 million from 2019 to 2023, which will be put on a statutory footing. It is then a matter for the Oireachtas to continue the process to bring the fund up to the maximum of €8 billion, as we just discussed. There is flexibility to go beyond that figure or reduce it, depending on circumstances. As will be seen in later sections, there is also flexibility to not put in all of the €500 million. We recognise there are potential headwinds and not all may be related to Brexit. There is sufficient flexibility on that basis.