Gerald Nash (Louth, Labour)
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I am glad reference was made to the fact that whatever approach is taken in respect of covering age-related expenditure, it will not be at such expense. There will be difficult policy decisions over the next period with regard to the PRSI base, which is crucial to ensuring the long-term viability of the Social Insurance Fund, given the demands that we are very aware of.

It was not long ago when we were talking in this committee and elsewhere about the Department’s advice, which is not that old, that probably this year we will be looking at a €2 billion reduction in corporation tax revenue. The interaction between pillars 1 and 2 will be interesting over the next period of time. Pillar 2 will be proceeding next year. We look forward to dealing with the complex legislation that will be required to implement pillar 2 and the 15% corporation tax rate. I assume that in the Department’s analysis with regard to its forecasts on corporation tax revenues over the next period of time that it not only included pillar 1 but the prospect of pillar 2 as well. We are probably some way off pillar 1.