Mr. Vasileios Madouros:

As I mentioned, the two funds that have been established are a very positive public policy intervention for Ireland and the future of Ireland. They have slightly different objectives, which is how we think about them. One is about basically getting infrastructure. The way I think about the main objective of that is to ensure, whether times are good or we are entering into a period where the economy is slowing down, that investment in infrastructure is maintained. What we have seen in the past is that investment in infrastructure can be very pro-cyclical, which can ultimately be very damaging for the economy in the long term.

The second area relates to the ageing of the population. The reference I made is that the fund is a very positive intervention but in and of itself, and we have some material in the quarterly bulletin on this, it will not be sufficient, if we think about the gradual build-up of it, to meet the needs of an ageing population. Our broad overall economic advice at the moment is both of these funds are very positive in the current circumstances where the economy is to continue building up those funds.