(1) The Minister shall, in each year in which he or she receives a report from the Fiscal Council under section 25(1), as soon as may be thereafter, prepare a report in writing detailing his or her assessment as to whether, in his or her opinion, there has been, or is likely to be in the subsequent year, a deterioration in the economic or fiscal position of the State.

(2) Where the Minister, 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 Minister shall include in his or her report under that subsection, his or her assessment -

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

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

(i) in the year subsequent to the year in which the assessment is carried out, 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,