Mr. Frank O'Connor:

No. I will explain. Ireland’s interest bill has come down. It was €3.2 billion. That benefited from a number of things, including our strategy of pre-funding the country and borrowing when rates were lower. We borrowed more than we needed because it was an opportunity. The cost of insurance, let us say, was low. Therefore, we benefited. We lengthened and smoothened the maturity profile, we did 30-year debt, etc. Allied to the Government's success in terms of a fiscal surplus, this meant the interest bill came down. The interest bill was almost €8 billion. A forecast of €5 billion in 2030 was mentioned. In 2014, during the crisis, it was forecast to go up to €10 billion per annum, yet it is down around €3 billion now. It will gradually increase, though. We have got to be realistic. Interest rates are higher now than during Covid and our bill will increase, but more gradually because of the benefit of locking in rates for longer. That is what we are trying to do. It is to try to not have a sudden change in policymakers’ decisions. We are well placed but it all depends on the path of interest rates. However, we have locked it down so that it will be gradual.