Mr. Seamus Coffey:

It would be a political choice but the choice could be to cut capital spending and not to start new projects. A political choice could be to increase tax revenue to try to fund the shortfall. It would be about looking at the overall picture rather than trying to silo and saying that this money is going in that direction. Historically in Ireland, when it came to those periods where unsustainability was allowed to fester within the public finances, capital spending was the one that was cut. We have seen the problems that creates five, ten or 15 years later. In the good times, capital spending tends to be the one that rises very rapidly, so we have this boom-bust cycle of trying to catch up in the good times for the difficulties we created in the bad times.