Mr. John Moran:

If we worked on that basis, the figure would be significantly lower at close to 104% or 106%. Next year, we will move into a capital account surplus. It is important that we reduce the deficit and increase growth levels.

Progress has been made on an important ingredient in terms of where we are going. The more that people have faith in our ability, willingness and commitment to repay our debt, the lower the interest rates become and, therefore, the greater our ability to start reducing the debt total. We would pay less interest and be able to use more of the available resources to start reducing the debt.

The last element in achieving significant reductions is continuing the process of the disposition of investments that the State does not wish to retain.