Dr. Adele Bergin:

I will make a general point first. The time dimension to all of this is really important and whether there is some sort of transition period. Even in the work done in the IIEA paper, the doubling of the estimate, how they went from the €10 billion to €20 billion, was very much around this rewriting of the social welfare and the public sector pensions. According to the paper, this took 30 years to happen in Germany but they assumed it was going to happen overnight. To broaden the discussion a little bit, that is a massive sum that we would be talking about injecting into the Northern Ireland economy overnight. To put a couple of figures on this, the figure they have for 2019 for this re-rating is around €9 billion. Northern Ireland GDP in that year was around €50 billion. You are talking about injecting not quite, but almost, 20% of GDP into an economy overnight. I do not think anybody is proposing-----