Mr. John McCarthy:

In terms of the GDP growth rate, the Secretary General mentioned 26% growth. It is more a function of the nominal growth and such growth was 32% in 2015. The onshoring or growth rate in 2015 reduced the debt ratio by 25 percentage points. We published analysis in June which says that we do not have the GNI* available and GNI*, as the Secretary General mentioned, strips out some of these strange issues. Our best estimate is that the debt ratio to GNI* is still in excess of 100%. We will be able to calculate it accurately next Friday when the CSO publishes GNI* for the first time ever. Our exposure is on the GNI* basis rather than the GDP. The Deputy is absolutely right. There is an exposure if this IP is very mobile. It can move out as well as in. In quarter 4 of last year, we saw more IP coming onshore in Ireland. It is a risk so we carry out a debt sustainability analysis. We have published our annual debt report. What would be the impact on the debt ratio if for instance GDP was to fall by x% or x+2%, if interest rates were to go up or if there was a contingent liability shock? We are doing that war-gaming, so to speak.