Dr. Robert Kelly:

I am happy to add a little bit. Mr. Madouros covered it really well but I would describe it as, very early in the shock, speed being of primary concern when we think about the response. In essence there was a gap to be bridged for households, so broader energy supports, for example, were the right thing then. Now we have to understand the particular cohorts of society. The cost of living has risen. Even though inflation is starting to recede, their cost of living remains elevated. We had a piece two quarterly bulletins ago that identified a cohort of individuals. We looked across Irish society and tried to understand it better. Going into this shock, there were up to 180,000 households with small amounts of liquidity, which is savings in plain language, and, to meet ongoing demands, they had to use essentially all of their income.

They were particularly vulnerable to this shock. What is needed now is more targeting - less around particular energy - to those individual households. That is what will have the biggest effect.

Mr. Madouros touched on this a little bit. I refer to the extent we can have more resilience to future shocks, an example of which is lowering public transport fees. That has dual benefits. We know the individuals who use public transport might be ones who have experienced a higher cost of living but, at the same time, it also helps address some of our climate ambitions.