Mr. Conor O'Kelly:

The holdings in the banks are not in those numbers. Investors look at net debt, we are looking at gross debt there. Net debt would be the holdings that the State has in AIB or Bank of Ireland or PTSB. Technically those are held in the ISIF's directed portfolio on behalf of the Minister and that is where they sit but that is just a technicality. We do not put them in our figures.