Mr. Francie Molloy:

When Mark Durkan was Finance Minister and I was chairing the finance committee, we had the issue of gap funding. It does not appear that we will have the gap this time. It appears there will be a clear break, which will make matters more difficult. One of the things I have noticed with European funding is that there is always a long, drawn-out process of applications and administration. I note the reference to £120 million, but on rural, peace and other funding, is there any mechanism whereby the Assembly can draw down the funds from Europe in advance of the moneys actually being distributed? If we wait until the end of the various processes, the schedule for actually delivering the money on the ground will be tight. There have been difficulties in getting the money distributed to different projects in the past. The question on European funding relates to the fact that 11 of the 18 constituencies voted to remain. In what circumstances can that remain vote be respected by Europe and others? Is there an all-Ireland solution as regards the framework and also given the change in circumstances whereby 11 of the 18 constituencies voted to remain, whatever that means in terms of the 50% required to change the Good Friday Agreement? To some extent, we have been dealing with a false economy because of the European funding that has supported everything over the past while. That change in circumstances will change the whole financial structure. Where does that leave corporation tax in the future?