Mr. Conor O'Kelly:

Again, we can make some decisions around the edges in relation to where we think interest rates will be and to optimise our position. Ultimately, however, our refinancing profile is what determines our ability to lower that rate and has the most impact. We are not in the betting business on interest rates. That is not what our mandate is to do. I could take a big view on interest rates right now but I am not mandated to do that. The NTMA is not a hedge fund and we are not being asked to bet on interest rates. We are trying to manage the environment we have. Our borrowing requirement is based on the budget that comes from the Oireachtas annually plus the refinancing requirement that comes through each year and that informs our requirement. When rates are very low, we can potentially do a little more around the edges, move the maturity profile, mitigate our risk by widening our investor base, make sure our profile is right in terms of refinancing and optimise that and where we go on the yield curve, at what time or what part of the calendar we go on. They are the decisions that we have a mandate to try to operate in and be as efficient as possible. Making big bets on interest rates is not part of our job as we see it.