Mr. John Hogan:

I will add one important point, to which Deputy Colm Burke referred and which was raised previously. The Deputy is right that there are higher yields expected in the financial markets at the moment. I will make four points on the situation with our national debt as a result of the NTMA action. First, the cash balances on hand, as Mr. McCarthy mentioned, are likely to be of the order of €20 billion heading into 2023. This allows the NTMA flexibility in looking at any issuance it needs to do during the course of next year. Public finance is supposed to be in surplus, so that also adds to the comfort around the piece and reduces the amount the NTMA has to issue. There is a long average life of the debt on our books. I think it is one of the longest average lives in Europe at the moment. The next bond maturity is in March and there is another one at the end of quarter 4. These total about €9 billion. The NTMA, because of the balances, has an opportunity to make its intervention in the market at an appropriate juncture. Finally, as it looks through the three-year window from 2023 to 2025, coupons ranging from 3.5% to 5.5% are associated with debt that will expire in that time. We are seeing a higher yield expected at the moment, but it is not quite at the level of what is maturing at this stage. Those are important points because the Deputy is right that, given the high level of debt we have as a sovereign, the way we manage it and how we look into the future of it is important for the committee to understand.