Dr. Robert Kelly:

In totality, the projected spend is not necessary for the point that we are at in the economy, which is how we have described it previously. It is more about reducing that envelope, but not at the expense of capital spending. I would keep the capital spending plans as they are and look at the mix between tax cuts and current spending to achieve a smaller budget. There are trade-offs all over the place so small changes may be warranted. Again, that is a decision for Government. However, I would certainly prioritise the capital spending element.

Regarding climate change, we had a piece within our quarterly bulletin in the summer looking at it. We work with the Climate Change Advisory Council. We project we will need about €55 billion worth of investment to meet the climate targets that were pointed out. Dr. O'Brien will correct me if I am wrong. Of that, 20% will be public sector and front-loaded. When we talk about the capital spend, some of that will be targeted at the transition cost. Some of that will be on energy infrastructure, for example, greening the system in terms of energy. All this infrastructure should have the twin benefit of also greening our energy. It is a mix of the two of those I would see. When we look at this need for infrastructure, it is to meet a climate transition and develop the infrastructure needed for growth and for housing. It is certainly though the lens of greener technologies.