Mr. Brendan O'Connor:

I will continue with the graph on slide 16. This is a technique that we use called a carryover analysis. It is a guideline for what we think GDP will be for the year if the same level of GDP that we saw in the second quarter continued in quarters 3 and 4. In other words, if it did not grow, but went sideways. We can see in the blue bar at the right of that panel that if that was the case overall GDP would be in the order of about 5.7% for the year. We forecast that it will be in the region of 6.2%. One can see very high investment growth of approximately 21%, assuming that the trend in the second quarter continues into the third and fourth. We do not think that will be the case. The figure was probably overstated because of this big patent acquisition. The figure for consumption of approximately 2.6% assumes that the level of consumption by households was the same in the third and fourth quarter as it was in the second, but we have seen from the retail sales data that has come out that the momentum has continued into the third quarter, so we think that the growth has continued in the third quarter and this carryover analysis would be on the conservative side.

My final slide talks about the current account. The current account is the balance of payments, which is Ireland's position vis-à-visthe rest of the world. There are four things going on in the graph. The line, again consistent with other charts, is the overall current account balance, which is in surplus. As a percentage of GDP, it is up around 5% in the second quarter. The components of that are that the goods balance - goods exports minus goods imports are shown on the brown line. The blue line is services, services exports minus services imports, and green is the income balance, the flow of money in and out of the country. We forecast a surplus in the balance of payments in 2015 of approximately 6% to 7%. That is a very good position for Ireland to be in. It speaks to the external sustainability of Ireland. Our exports are greater than our imports and we are paying our way in the world.