Mr. Frank O'Connor:

If one were a debt manager, one would say as low a level as possible, but we need to invest in our economy and grow it for the future. One would have to look at all the statistics but, generally, a number of countries’ debt levels have increased since the global financial crisis and Covid. For example, many of the European countries that were below 100% debt-to-GDP are now above 100%. Below 70% is good for Ireland and we compare very favourably, but we should remember that debt to GNI* hit 166% at its peak. That is a very heavy debt burden. It was down to about 102% in 2021 at the time of Covid and it is now below 70%. As I said in our remarks on the annual report, we cannot be complacent, given the uncertain backdrop and the fact that this is still a substantial amount of debt, but if there were to be a fiscal shock or Ireland needed to do something, the starting position would be better.

We do not really talk about GDP because it flatters Ireland a bit, but that peaked at 120%. It is now back in the 40s. We like to focus with investors on the GNI*.