Mr. Derek Moran:

The NTMA's assessment is that the risk of increasing bond prices out over the next couple of years is higher than the risk of holding the money. Therefore, it has that cash. It will always have cash on hand to meet liabilities. It can raise money so cheaply at the moment. As Mr. McCarthy said, if one goes into the market looking for €15 billion to redeem a bond, in six or eight months time, it is not guaranteed that one will get it at the same-----