Mr. Derek Moran:

We have taken the opportunity to retire the more expensive debt which we had from the IMF and the bilaterals. We have replaced it with much cheaper debt. We have been trying to take those opportunities every time they have arisen. The best thing for us is managing a sensible budgetary position over a period of time to make sure debt is not increasing. It is ticking up over the forecast horizon to €208 billion or €209 billion, there or thereabouts.