Mr. Mark Bourke:

What it does reflect is exactly my response to Deputy McGrath. When we look at €1 billion or €1.5 billion at a lower rate, that is contributing on an ongoing basis to a decrease in the cost of funding. It is very marginal. If one looks at the figures for last year, one will see our total debt issued at €8 billion. The cost went from 3.63% to 3.49%.

It is very gradual and the effect is marginal. It is positive, but we have to have sustained trends in all four factors before we are able to give-----