Dr. Martin O'Brien:

I do not want to be too imprecise in my answer. It is probably easier for me to make generalities than give specific numbers. In general, most of our baseline or benchmark forecasts would still see energy prices come down from their current rates over the course of the next couple of years. Any situation like those mentioned by Deputy Lahart would probably be reflected in global energy prices being significantly higher than that, probably closer to their current levels than the benchmark expectation might be. Dr. Cassidy mentioned that we are adding 1% to 2% to inflation this year as a result of currently available information. If energy prices were expected to remain higher than they currently are for a longer period of time, we would be adding another 1% to 2% to the rate of inflation and doing something similar on the negative side to the growth rate. You would expect the growth rate to be significantly lower than what we currently forecast or envisage in the context of the conflict as it is today. Our previous forecasts had growth in the domestic economy of around 7% this year. Based on current information, one could expect that growth to be around 1% to 2% lower when we come out with our forecast. If energy prices were to remain at similar levels to what they are currently, as opposed to coming down, that would shave another 1% to 2% off that for next year.