Mr. Frank O'Connor:

We want to be careful about giving the market our exact guidance, but broadly the Deputy might remember that coming out of the EU-IMF programme, we kept a strategic liquidity buffer or approximately 12 months pre-funding as a minimum. We were at 12 to 15 months. As a rule, we have a six-month minimum requirement. While in the next six months, we do not have a big requirement, nevertheless we hold a lot of cash. It is just a minimum as things have improved. To go back to giving an example, we had €9 billion in cash at the end of last year and already have €5.25 billion. The Exchequer borrowing requirement for the first few months of the year was actually positive because it is not linear. It is seasonal in nature. We have a bond redemption in October, so that is, effectively, funded. As such, approximately €6 billion in October 2017, which is in the €52 billion figure, is funded. If one thinks about it, we said €9 billion to €13 billion. We only need this year, if one takes this year on its own, the €2.2 billion Exchequer borrowing requirement and €6 billion bond redemption. As such, we have already allowed for the growing of our cash balance into this period and are probably ahead of ourselves this year. That is in the mindset. To go back to the Deputy's point about the buffer, we keep a substantial cash balance. At the end of February, it was close to €15 billion and at the end of the year we are targeting it to be in excess of €10 billion.