(1) The Fiscal Council shall, not later than 30 September in -

(a) each of the years 2024 to 2034, and

(b) each year thereafter (if any) in which there remains any assets standing to the credit of the ICN Fund,

provide a report in writing to the Minister detailing its assessment as to whether, in its opinion, there has been, or is likely to be in the year subsequent to the year in which the report is provided, a deterioration in the economic or fiscal position of the State.

(2) Where the Fiscal Council, in carrying out an assessment for the purposes of subsection (1), is of the opinion that there has been, or is likely to be in the subsequent year, a deterioration in the economic or fiscal position of the State, the Fiscal Council shall include in its report under that subsection -

(a) its assessment as to the significance, or likely significance, of that deterioration or likely deterioration,

(b) in each of the years 2024 to 2034, its recommendations as to whether -

(i) in the year subsequent to the year in which the report is provided, it would be appropriate for the payments into the FI Fund from the Central Fund or the growing produce thereof to be reduced to a sum equivalent to 0.4 per cent of relevant GDP in relation to that subsequent year,