Dr. Colm O'Reardon:

I thank the Deputy. This is an important issue for us. As outlined in the Comptroller and Auditor General's report, this was reviewed in 2017 and the rate of contribution was increased gradually in 2018, 2019 and 2020. Since that decision was made, the income to the fund has come up by €585 million. Expenditure from the fund has increased by €544 million. There has been a rapid rate of increase in expenditure but, nonetheless, there is still an accumulating surplus. The NTF is an extra-budgetary fund which means it is not directly part of the Exchequer, but it does sit in the general Government sector, which means that expenditure from the fund is subject to the Government's fiscal rules. The Department certainly has policy options available for how the money could be spent, but the money can only be spent on the decision of the Minister for Public Expenditure, National Development Plan Delivery and Reform at budget time. That would sit alongside all the other competing priorities that he had. It is an issue. The Minister has indicated that he wants to review it. We can certainly identify policy areas which would benefit from additional investment.