Mr. Derek Moran:

It has a good strategy in place for the bond redemptions. They have been flagged well down the line. Going back four or five years, when the economy was not performing as well as it is now, this could have been an event, but we have turned around and it is hoped we will balance the budget next year. We are not adding to the stock of debt in the way we were. There would be downsides if there was a change in ECB policy and policy rates start to drift up or if the economy softened and we started to borrow. The NTMA's strategy is well hedged against this so I am confident in its plans.