Mr. Seamus Coffey:

The reason we choose net debt is to offset some of those assets. The State has significant assets. One can look at the gross debt and the overall amount owed but it is equally as important to look at what is owned. The State has significant cash assets built up through the NTMA and various other sources so we subtract that to get a measure of net indebtedness. We think that remains at an elevated level. It is close to 100% of GNI* for 2017. That is quite high. It is the fifth highest in the OECD.