Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

First, on what happens from 2036 onwards, of course there will be a review of the legislation. A lot of water will flow under the bridge between now and then. Yes, it is the case that the Bill is providing that flexibility from that point onwards because we believe that 12 annual contributions is the appropriate amount. From that point, there will be an annual assessment but I have no doubt the legislation will be reviewed well in advance of that point in time.

Again, on the question of a general Government surplus of €1 billion, and at that point the contribution would amount to around €6 billion, and whether I would go ahead, it all depends on the factors we spoke about earlier on. Perhaps we can borrow at 2% or 3%. Perhaps the fund is earning 5% or 6% a year. In that scenario, yes, I would because it would make perfect financial sense but that is an assessment that can be made at a point in time.

On section 9(4), as the Deputy will know, the assessment is whether "there has been, or is likely to be in the subsequent year, a deterioration", or a significant deterioration, "in the economic or fiscal position." It is on that basis the Minister makes a decision.