Mr. Michael McMahon:

I will refer the Deputy to the answer I gave at the very end. Her question about the details, which is deeper, is the right one. Ultimately, a decision may be taken that this is a fund that is to build fiscal credibility by taking a large chunk of the future, predictable, age-related costs, and covering them with actions today and over the next 15 or 20 years. If that is the stated intention of this vehicle, then it is right that is what it is designed to do and that it is set up in such a way that it can achieve that mandate. Anything that muddies the water or makes it look like it is also doing five other things will lessen the impact it will have on fiscal credibility. Again, the devil is in the detail of how it is set up. However, the first point will be to agree on what it will be set up to do. We have argued that it is for age-related costs because they are slow-moving and very predictable. The bulk of the costs will come in 2040. We will really see start to see the fiscal constraints coming in 2050. Taking action now will put Ireland in a really strong position to not have to worry about that, and to allow it to worry about the issues of the day.