Mr. Tony Murphy:

There are a few elements. Part of the problem with the low absorption for 2021 to 2027 is the fact that this RRF was available at the same time. There is almost competing funds. RRF is 100% financing; the others are not. Member states will prioritise using the RRF funding in the first instance if they can. This is one of the things. Ireland has drawn down the money. For instance, in the case of RRF funding, once a plan is signed and approved, you are entitled to draw down 13% of the total. Ireland did not do that. There is also an element that there is so much going on at the same time. We also have capacity issues in certain member states to be able to handle all this money. We had the Brexit adjustment reserve fund, BAR, RRF, MFF for 2014 to 2020 and 2021-2027. The 2014-2020 scheme has just ended. To encourage member states to spend money, apart from the RRF, within the normal budget there was a coronavirus response investment initiative. This is again where member states were encouraged to submit projects because, exceptionally, there was 100% financing available for a one-year period. We do not like these really tight deadlines because it encourages spending for the sake of spending. In the overall scheme of things, we absorb the money but whether we achieve what we should achieve is another thing.