Mr. Derek Moran:

The Deputy's comment is correct. That said, an external validation and rating is hugely important in terms of market access and the rate at which one can raise money. They became extraordinarily conservative after the bubble and we have come back bit by bit. There is only one rating agency now which does not put us at the highest rating level. They are important in terms of an external and independent assessment of where the State as a sovereign stands. That is notwithstanding the mistakes they made in the past.