Mr. Frank O'Connor:

The ISIF operates as a commercial remit within the legislation laid down by the Oireachtas. We take all investment decisions with that in mind. As I said, the global portfolio is the ultimate pool of liquidity for the Irish portfolio. That is the way investment decisions are taken and the team continues to monitor those investments. The decision to go into any jurisdiction is a matter of the index; it is not an endorsement or political statement on any of the countries involved. It is more about the broader risk parameters laid down for the ISIF.