Marc MacSharry (Sligo-Leitrim, Fianna Fail) | Oireachtas source

When Mr. O'Kelly said the State will be borrowing for a very long time into the future, he was referring to refinancing, managing maturities and making sure that if the market improves, we can diversify our debt for better interest rates. We are not borrowing at the moment. There is speculation in the media and in some ministerial announcements that there is the potential for two budgets in the year ahead: the Boris Johnson budget and the other budget. If there was a crash-out and a very bad Brexit, we might be looking at a €5 billion deficit next year. How is that calculated? Does the Government lift the phone to the NTMA and ask it to prepare for a debt of €5 billion next year? What kind of preparation is done? What is the process or is that built in?