Mr. Conor O'Kelly:

I accept all the Deputy's remarks, but I am giving our perspective.

The thing to consider is that interest rates are being locked in for 25 years at today's rates when a PPP is done today. That private capital is quite cheap in absolute and historic terms today. In our opinion, risks of interest rates are asymmetric. They may stay low for a very long time. They may still be like this in 20 years' time. Future taxpayers may be able to borrow money at today's levels but the risk of them going higher versus going lower or staying where they are is asymmetric. Therefore, it is my humble opinion that we should lock in more capital rather than less while able to at the current extraordinarily low rates, which they are by any standards, because the risks are asymmetric.