Mr. Conor O'Kelly:

No, not in the near future because we have already locked in the rates. I can say with some confidence that the interest bill for Ireland will not go above €4 billion for the next three or four years irrespective of what happens in the interest rate market because that has already been locked in.

We have pre-financed, with one of the longest maturities in Europe. We will face refinancing risk later in the decade. Obviously, the higher our stock of debt, the more risk we take, but we are in a better position than the bigger numbers make it seem at first blush.