Mr. John McCarthy:

It certainly is. Some of the EFSF loans will be 2029 and 2030, but they are further out the curve. The Cathaoirleach is right about much of the banking debt. The promissory notes, which are completed now, were taken out by the Central Bank and then offloaded by it over a period of approximately ten years. They are all gone now and off the Central Bank’s balance sheet.

They have been refinanced at the 1% or 2% at which we have been able to issue debt over the past couple of years. The debt service costs associated with the bank bailout, so to speak, have been minimised. That is the best way I would describe it.