Barry Cowen (Laois-Offaly, Fianna Fail)
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I thank the witnesses for their report and for the detail it contains. It is concise and does not beat around the bush in its deliberations. A big play is made of the fact that it is no longer ten companies that contribute to the windfalls but, rather, three. This is a point not made previously, and it only serves to highlight the subsequent point made about the use of those funds and the consideration being given to the savings vehicle mentioned and how that would be delivered thereafter. The point made is, of course, that even if we do nothing else, we have to learn from the mistakes of the past and that the use of such funds for permanent expenditure is not something which should be considered, despite the political debate we hear in this regard. That debate has started rather earlier than normal and will gather pace over the summer. It is also stated that we may not be able to have the sort of mix that Government parties might be striving toward in respect of expenditure and a tax package.

This is part of the whole process. Economic dialogue is taking place. IFAC has published its report and we will engage with it. The summer economic statement will follow, which will crystallise the figures and focus people's minds and attention concerning the realities that exist rather than the potential they may have thought might exist. The final point made in the report is one that cannot be lost on us at all, namely, that the economy is working well and we are in a strong fiscal position. This is despite many of our neighbours not being in such a position. The whole focus and attention, though, is on these excess incomes, what we will do with them and how we will prudently manage and use them to the benefit of those whom we represent in the future.

I ask members to give their initial responses and to ask any questions they may have. I call Deputy Boyd Barrett.