Mr. Derek Moran:

We have gone over some of this already. In a negative interest rate environment, even the preservation of the capital amount is going to be a challenge. There is a very conservative mandate. The mandate is to preserve the actual amount in so far as that is possible. It is not an investment fund to make big profits, although there could be a profit at the end of the day. However, it is a winner-takes-all formula.

One of the reasons for the escrow is to protect the State against the risk of exactly what the Deputy is describing - large losses or potentially large losses. The arrangement was seen by the Commission in the first instance and by ourselves as the best way to protect the State from that risk.