Mr. Derek Moran:

There is a review of the capital programme under way. It is fair to say that in terms of the budget, which was announced only three weeks ago but seems like a lifetime ago, the amount of money being pumped into the economy is larger than ever before. In terms of what we have done this year and plan to do next year by way of additional borrowing, which is in the range of €42 billion to €45 billion, a lot of that will go into capital. A lot of it will also go into supporting the economy as it is and to kick-start it. We often speak at this committee about the fiscal rules and how they constrain spend. I once heard the fiscal rules characterised as being in place so that one can repair the roof when the sun is shining so that when it is raining one does not get wet. The Department is of the view that the response in terms of additional borrowing and investing in the economy and supporting incomes is the correct countercyclical policy at this juncture. I will ask Mr. McCarthy to comment further.