Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

The Commission, which obviously we are working within, has taken the risk and the uncertainty in relation to a war context. Generally, a 9% provisioning rate applies for MFA loans to countries addressing a balance of payments crisis. Generally, that is the nature of it but there is the broader longer-term risk of default. Applying the current GNI key as a measure of estimating Ireland's potential liability overall in an absolutely worst-case scenario where Ukraine defaults in repayment of the full €18 billion, Ireland's share in that entirely hypothetical scenario would obviously be 2.43% of €18 billion, or circa €450 million.

At every stage, there is a risk assessment built into this as we try to work out our exposure under it. As for whether there is a single document that says "Risk Assessment" on the top of it that I can send to the Deputy, it really is all preparatory work. Ireland's engagement in the Commission - the engagement of the Permanent Representation - is about trying to assess what is our contribution and what is our exposure, and how we can limit that and avoid it. The structure of the funds themselves is an effort to mitigate the risk to Ireland.