Mr. John Corrigan:

In answer to Deputy O'Donnell's first question, the NTMA is not directly involved in the discussions. We are involved to the extent that we are providing important technical support to those discussions regarding what alternative arrangements we would be comfortable with, were they to fly. In our dealings with investors, this is an issue that frequently comes up and we are often asked questions about it. Just to be clear, relief on the promissory notes, while it would clearly be welcome, would not affect the debt-to-GDP ratio in that the promissory note debt is baked into the GDP ratio. What is demanding is the amortising schedule that requires that these notes, in terms of both interest and principal in an amount of approximately €3 billion per annum, be met.