Mr. John Corrigan:

I cannot give an answer to that because, frankly, I do not know. We will have to wait until we see the shape of the legislation and the corporate structure of Irish Water, which is being worked on at the moment. The NewERA team within the NTMA is closely involved in the discussions on that. The Irish Water mandate, as members will be aware, has been given to Bord Gáis. The intention would be to ring fence Irish Water activities so that any credit issuance which might be done on account of Irish Water would be free standing in its own right. That policy decision has been made already.