Mr. John Corrigan:

Clearly, Franklin Templeton has placed a big bet on Ireland on its own terms. It is fair to point out that it has accumulated that portfolio over time. Given that we have done little primary insurance, in the main that portfolio has been bought on the secondary market. I hasten to add that it is not as if we are selling paper out the back door to Franklin Templeton. As an investor, Franklin Templeton is welcome given the positive view it has taken of the Irish market. I have no wish to give a glib answer to the question but we would prefer if there were ten Franklin Templetons rather than one.

We have an active programme of investor relations whereby we meet more than 200 investors twice each year in the spring and autumn to discuss where Ireland is going and, equally important, to discuss their views on Ireland. It is clear to us, and it underpins the positive tone which Deputy O'Donnell described with regard to our positive expectations for market re-entry next year, that there is a good spread of interest by investors in Europe and the United States.

At the risk of digressing the one area not up to speed in this respect is probably Asia, where we had enjoyed a good market following in the past. Asian investors tend to be more influenced by credit ratings. The fact that Moody's still has Ireland as a sub-investment grade is a considerable impediment to Asian investors returning to the market. However, there is a large and continuing following in Europe, the United Kingdom, Ireland and in the United States. The Franklin Templeton story is important but we have seen several continental European and American institutions buying Irish Government bonds in size. We do not deal with them directly, but the intelligence we receive from the primary dealers who distribute the bonds supports that view.