Mr. John Corrigan:

In absolute terms, German rates are at an historically low level and represent Germany's position as a safe haven in the context of current uncertainty in the eurozone. In absolute terms and despite its poor credit rating and the elevated spreads or differences between Irish and German yields, Ireland is borrowing at rates it would have been challenged to secure when we had a triple A rating. The question on rates is whether as things normalise we will move down to meet the German rates or whether the German rates will move up to meet ours.