Dr. Robert Kelly:

Given the size of the excess corporation tax receipts, estimated to be up to €10 billion, it is likely that we will reach that legislative limit of €8 billion quite quickly, so it makes sense to review the fund and how it is used. It is also important to bear in mind that there are a number of pressures that we need to address. To go back to our earlier discussion on the labour market, it will be an important balance between addressing some of those pressures and others like the age demographic. The latter would have less labour market demands but the creation of some type of national pension reserve fund would be a way of addressing some of those future demands or pressures. It is about finding a balance but I suspect that in its current form and given what we have seen in terms of corporation tax, we will reach that €8 billion limit soon.