Mr. David Owens:

With river management and so on, money from the green bond will go into the projects. The State has a longer time horizon. The projects, as the Deputy described them, are probably not commercially viable. International investors want to see money going into them. The State still has to pay a return on the bond. The bond is not free, although there is a what we call a "greenium". In other words, the State has slightly more favourable terms than there would be with an equivalent, non-green bond. Owing to the demand coming from the private sector, as well as from the disclosures that have to be made by private sector companies and increasingly by the State, that is where biodiversity is carried through across the financial and investment systems at the moment.