Mr. Dermot McCarthy:

In the circumstances at the time, I think it was an appropriate outcome but the circumstances at the time were not good in the sense that the ... I think this was the first time in which, in which the new support mechanisms were being applied and in, in the way in which they were deployed there was as much attention in my view, from what I could observe, on protecting the interest of the contributors, as ensuring the effectiveness with the recipient, so that the interest rate was ... it was reasonable, having regard to the alternative market rates but it was certainly posing a significant sustainability issue. And it was flagged as an area of particular concern, both by the Governor and the CEO of the NTMA, as well as the Department of Finance and it was clear ... that opportunities would have to be sought to bring about a lower rate at the right time.