Mr. Conor O'Kelly:

Absolutely. That is a significant issue. The Deputy will recall that we refinanced €18 billion of IMF loans in the market in 2015 and the saving was between €1.5 billion to €2 billion over the lifetime of those loans, which was significant. Critically, those loans were due to mature in four to five years' time - I am cognisant of the dates I gave the Deputy earlier for other maturities - but we were able to replace them with loans with much longer maturities of 19 or 20 years. The average is 19 years in total. That was a significant improvement in the profiling of the debt and the interest we have to pay. Unfortunately, in terms of the debt we took on from the official debt, as we call it, the rates we are paying on that are very close to the current market level. There is very little room to refinance any other existing debt that would give material savings. Were rates to go even lower than they are now, some of those could come into play as being attractive to refinance but, unfortunately, all the expensive debt, in terms of our interest costs, has been refinanced already.

The Department representatives might discuss the growth rate.