Mr. Ian Black:

Part of it came out of a budgetary surplus. To the extent that it was coming out of a surplus, there were not any borrowings required. In a sense, all we have done is we have taken that surplus and bought a treasury note, which is effectively in cash. It forms part of the NTMA's or State's cash buffer. There is a concept called gross debt and net debt. The gross debt is unchanged because it is primarily from surplus, but because it is cash, we deduct the cash from the gross debt to become a lower figure and the net debt is reduced.