Professor Michael McMahon:

I will put the point again. That could have been done anyway without having to borrow. For many years until now, Ireland has been able to borrow at zero interest rates. Borrowing or storing as cash are equivalent. I think the Deputy and I agree but the IFAC is simply arguing for the decoupling and for thinking that the policy is about choosing what is the right thing to do with the funds and to think there is an opportunity cost.