Mr. Nick Ashmore:

The National Reserve Fund is designed for a situation where there is a challenge to the Government finances in affording to address those types of situation. If the Government funds are very tight and we have an emergency, for example, if there is a flood and we need to spend €1 billion on flood defences, then if that meets the criteria in the legislation for withdrawal from the National Reserve Fund, the Government will withdraw that money and deploy it as it sees fit within its own spending mechanisms. Our role is to make sure that: we are providing safe custody for those funds; we are managing them efficiently; we are maximising the return; and making sure that the risk is minimal and that liquidity is high in order that funds are available for use, but are not sitting idle and we are getting what return we can for them. That is the main concern of the NTMA. The use of the funds in whatever form is really a policy question.