Mr. Frank O'Connor:

As the Deputy can see from the annual report, and Mr. Ashmore may be able to give more detail, in essence the balance, if I recall correctly, was €2.6 million in 2023 and went up to €3.6 million at the end of 2024. What that reflects is the global portfolio that feeds investment in Ireland. It is a pool of liquidity and it is invested globally throughout the world like other sovereign wealth funds. It is equities and bonds and is very much passive investment tracking an index. What happened in 2024 was the bigger balance in equities and decision to take some of that risk off the table and put more in fixed income at a macro level trickled down through the index. The same weighting would have occurred for Israel or Egypt or Jordan and that is what caused the increase.