Mr. Derek Moran:

It is too early to say and it probably cannot be linked to any one item. There are things we better need to understand, for example, income tax. PAYE grew by 6% in the first quarter and PRSI grew by approximately 7%, but USC and the rest of income tax was disappointing and we must better understand why this is. On the excise side there are distortions because of the pre-funding of tobacco withdrawals last year. Corporation tax is very lumpy. Another point on first quarter data is we have the P35 season and tax refunds. The first quarter is not the best judgment point. If we see the same at the end of the next quarter it will be a cause for far deeper concern but at present I do not think we would change anything.