Mr. Seamus McCarthy:

The debt obviously has built up over time and consequently, for debt which was taken on at an earlier stage at a higher interest rate, particularly when taken on at a fixed rate, as is most of the debt, while there may be short-term movements it will not necessarily feed in unless the National Treasury Management Agency, NTMA, was to refinance the debt. If members were to go down a couple of pages to figure 2.4, it actually gives the profile of repayment as at the end of June. Members can see here the tranches of debt that fall to be paid back over the next four or five years.

There is obviously a big payback around 2020, but the debt stretches out for 40, 45 years.