Mr. John Hogan:

In the case we have here if, for example, a large sum of money was to be allocated to the escrow account and the escrow agent or investment manager then was expected to invest that immediately, the difficulty is that because it is such a large sum of money it is a market moving event. Whatever the large number is, whether it is €8 billion, €10 billion or whatever, we want to ensure that the investment managers are looking for the best possible return for the investment that we expect them to make on our behalf. It is not that there are other issues at play with this, as the Deputy might suggest, but the reality of what we are dealing with here. We are taking advice from the NTMA on the procurement process. It is much more familiar with how we engage these investment managers. The advice is that we must have this done on a phased basis.