Mr. Seamus McCarthy:

If the Chairman looks at the diagram on the screen, he can see that this is, effectively, a report that the Department is required to produce to explain how the ETS funding was used because there is an obligation to use at least 50% of it for purposes that help mitigate greenhouse gases. Effectively, what has been shown there is the amount that was received from ETS auctions each year. What it is reporting is sufficient spending in other areas that make up the equivalent of that. It is not working in the way a hypothecated tax is supposed to work, which is that one raises "X" amount and demonstrates how that amount was used. If moneys go into the Central Fund of the Exchequer, they are funding everything the Central Fund of the Exchequer is funding and spending that is being done separately is just an account of spending that is being done separately.