Mr Donohoe: "Corporation tax revenue has been growing strongly and a significant part of the growth for this year is due to changes in international accounting standards (IFRS 15). Around €0.7 billion of the 2018 over-performance is estimated as one-off. As these receipts are not expected to repeat next year, they do not feature in projecting receipts for 2019.

"We must be aware of the risks associated with the concentration of these revenues. That is why I am setting aside some of this revenue for the Rainy Day Fund. This means the risk of permanent expenditure on the basis of transient receipts is reduced."