Mr. Frank O'Connor:

With regard to modelling the tariffs, in a lot of cases our economics unit would take from any estimates done by the Department of Finance. One would also see some publications around the ESRI and what it says about the impact of tariffs. Of course there is a lot of speculation on the levels of tariffs. We would really work from that basis. When we are on the road talking to bond investors what one does not want is a forecast from the Department of Finance and then a separate forecast from the economics team in the NTMA. We would take any estimates from the Department and reflect on that in any modelling.