Mr. Michael Tutty:

The rationale for 2019 is that the economy is growing in line with its potential and, possibly, starting to overheat. We are not suggesting a figure of €500 million. Rather, we are saying that growth in the economy should be monitored and an amount for next year determined on that basis. The council has not put a figure on the amount.

The rationale is there of trying to smooth out the booms and busts. If we did not spend the money on reduced debt we would not have a fund that could be taken out and we might not be able to borrow the money under the fiscal rules. We see the need for a slight amendment to the fiscal rules to allow a countercyclical rainy day fund to operate in a way whereby we can put the money away and use it in the downturn.