Mr. Conor O'Kelly:

Correct. That is why we are vulnerable to widening credit spreads. That is the interest rate outlook and things are going to change. They are becoming more volatile, as we are beginning to see. The cycle will change. In the near term it will not affect the direction of travel or trajectory of the interest bill.

Moving on to the Ireland Strategic Investment Fund, I will talk about our investment returns and the co-investment that has been attracted into the fund. I will also touch on responsible investment.