Professor Patrick Honohan:

Now I understand the question, which is how to use the NTMA's cash balances. That is an important issue but it has nothing to do with Greece. It is true the NTMA has built up sizeable cash balances as part of its re-entry. While we still have sizeable borrowings from the IMF and European funds, this is what has boosted the treasury cash balances way in excess of what would be needed in a steady state. They will be run down pretty quickly once the programme ends so it would be nice if those funds were invested in something that yielded more.