Mr. Conor O'Kelly:

It is something we are talking to the Department about right now. Essentially, it is fungible with the other debt so it is segregated. Investors will invest in so-called green bonds, provided the money is being used for sustainable investment processes. It could be new electric trains, water upgrading systems or any environmentally friendly projects the Government has on its books, and the Government has many. Once the projects are earmarked and it is decided the money will be spent and is ring-fenced for that purpose, a different pool of capital can be accessed, which is quite good news for us. Whatever money we then raise is used to finance those programmes. They get reported on every year. Investors will look for an independent report every year to see that money is being spent on that basis so it has been very successful. It is a growing pool of capital and, for Ireland diversifying, from a selfish NTMA point of view in terms of debt, getting access to new pools of capital is very attractive. It also provides a dedicated pool for investment in green projects that has to be fulfilled.