Mr. Gary Tobin:

Many countries were borrowing substantial amounts on the bond markets ten years ago. It was just around the time of the financial crisis. A lot of those bonds were ten-year bonds and many are now coming to maturity. A lot of countries will be out in the debt markets trying to pay off the bonds and get new ones. It makes sense for the NTMA to have significant cash balances so it can decide when is the most opportune time for Ireland to be in or out of the bond markets. It will be a crowded place.