Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

That is what we are trying to get at. I am trying to get at how the Government operates. The fund is currently invested in Exchequer notes at commercial rates. The Exchequer notes are liabilities of the Irish State similar to treasury bills, or T-bills. If we put money into, say, the National Reserve Fund or the National Training Fund, as it is currently stored, that would increase the national debt. Likewise, to access that money requires an equal and corresponding repayment of the same amount of the national debt but there would be no effect on the general government debt. I know this is complicated but I am trying to get to the bottom of it because it is important that we understand how the Government has set all that up and the impact it will have on debt. I ask the witnesses to shed some light on the matter.