Kieran O'Donnell (Limerick City, Fine Gael)
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I welcome the Ministers, Deputies Donohoe and McGrath. I have two brief questions. The first is for the Minister, Deputy Donohoe. Page 29 of the summer economic statement states that because of developments with the OECD, there could possibly be lower corporation tax receipts. It states, "The Department of Finance’s central estimate is that revenues from this source could be around €2 billion lower over the short to medium-term; however, there remains considerable uncertainty with the possibility that the overall impact could be even larger." The OECD is in pillar 1 and pillar 2. Is the €2 billion an estimate for pillar 1, pillar 2, or both? The Ministers indicated that they are going for public consultation about what is happening in the OECD. Is that currently under way or is it about to get under way? That is a good initiative. Within the OECD's proposals, if the rate is 15%, does it apply for a period of time? How long is that period? Is there a mechanism whereby a principle is signed up to that can be revisited in a number of years, is it a rolling matter, or is it looked at fresh every time? I am interested in clarity about the process more than anything else. The public consultation is a welcome, positive step.

I have a question for the Minister, Deputy McGrath. Throughout the document are references to the public debt being high. Page 31 states that the level of debt between 2020 and 2025 will go up by nearly €64 billion, from €218.2 billion to €281.7 billion. We will be at nearly €250 billion by 2022. It is below the old measure of 60% of the debt to GDP ratio. Is that sustainable? It is a high debt level. Where does the Minister see challenges with it? What is his overall perspective on it? It is commentary repeated throughout the economic statement.