Mr. John Hogan:

I do. One of the key achievements of the NTMA over the last number of years has been to smoothen and elongate our debt. I mentioned earlier that it has availed of the low interest rate environment to re-profile our debt and fix in at the ultra-low rates that are no longer applicable or available. As I said earlier, there are four key aspects to the position in relation to the national debt. One is that very strong level of cash in hand with the NTMA at this stage, which is beneficial for it. As it looks to borrow in the market, it can decide on the appropriate timing, depending on what market conditions are like. The second thing is that we are most likely going to have a surplus next year, depending on things continuing as we expect them to.

That is more armour in the NTMA's arsenal to protect us in the bond markets.

On the average life of the debt portfolio, the refinancing needs are light in the coming years. Next year there is one bond that will mature in March and there is an European Financial Stabilisation Mechanism loan scheduled to mature at the back end of next year, in quarter 4. Together these total €9 billion so again that is modest overall when you look at the amount of cash in hand we have; we are talking about €20 billion heading into 2023. In the three-year window from 2023 to 2025, there are three bonds expiring with coupons of between 3.4% and 5.4%. These are the three highest coupons across the 18 bonds that are outstanding. That is a really good and strong position, and it gives us comfort in two points. There is flexibility for the NTMA to decide when the appropriate time to intervene in the market is. It will intervene in the market because it is good for the sovereign to be participating in the market. Equally, we have managed to keep a low level of servicing associated with the debt we have in hand. I hope that is comprehensive.