Professor Michael McMahon:

-----we could see if it was coming back. If it was not, we could ask why, interrogate those numbers and ask what it means. Maybe it is a sensible thing at a time of cost pressures to not spend €2 billion and get very little for it, but to defer it to a point where you get more. We cannot answer that question with any certainty - and this is not a policy question but is about what is in the numbers - because we have forecasts and are still unwinding big shocks on the economy. That is a tangible case in which we are hamstrung in our ability to help members decide if this is a good or bad thing.