Mr. Seamus Coffey:

The size of the rainy day fund itself is something we would see as being more flexible. It should respond to economic changes. Should we be ramping up investment? That is exactly what we are doing. In our previous reports, we would have analysed the planned increases in capital spending, which was set to double from 2015 to 2021, going from relatively low in EU terms to relatively high. We are ramping up investment. This year alone, the figures in the stability programme update show that public capital investment is going to increase by 23.5%. There is quite a rapid increase in public capital spending and it is within the fiscal rules. Looking at the growth forecast of the economy, these are built into the growth and the employment forecasts. That rapid increase is happening. Perhaps we are not seeing the visible signs of it yet because some of these projects take time to go from their initial formulation right through to delivery at the end. That ramping up of capital spending is there, and it has been there with additional elements added to it since we assessed it last year through the various development plans that have been announced. The investment is happening.