Mr. John Corrigan:

To take the various businesses, primarily the funding of debt management activities, to the extent that around 80% of our bonds are held by overseas investors, the linkage with the local financial sector is clearly limited. The National Development Finance Agency which is promoting the public private partnerships, is clearly a direct linkage with the local economy. For example, the schools building projects under way within its remit employ a couple of hundred people, although I do not have a precise figure to hand. Equally, the State Claims Agency is engaged in local activity. Deputies will also be familiar with the National Asset Management Agency.

The National Pensions Reserve Fund, NPRF, which will be legislated for later this year, is reorienting its policy towards investment in Ireland. There is €6 billion of discretionary funds left in the NPRF after the investment in the banks and currently about €900 million of that is committed locally. The intention is to recommit the balance over the coming years.