Mr. Conor O'Kelly:

During the crisis there was a question mark over our access to the markets and now we are talking about the price we pay when we access the markets. They are two different things. If we have a question mark over our access to the markets and are not able to fund such moneys, we would need to have very high cash buffers because we would need to be able to fund the State. Given Ireland's improving credit rating, we are now talking about the price of the credit we can access. There is not an issue about Ireland's capabilities of accessing the markets. Thankfully, that is behind us. The question now is about the price. When we decide what cash buffers to have, we make an implied view on interest rates also and whether this is a good time to lock in those rates, and that determines it. We have some very big maturities coming up.