Mr. Conor O'Kelly:

The Deputy is correct. Our mandate was given to us by the Oireachtas; therefore, the NTMA has to meet the condition of making a commercial return. We would not be able to change our mandate, unless it was changed for us. We have to meet the condition of generating a commercial return.

The EIB is a major institution. What the Juncker plan can and is trying to do is very interesting. Where projects in Ireland can link with and secure funding from the EIB we are happy to assist. The National Development Finance Agency has linked on a number of occasions with some of the new EFSI funds. I mentioned the GCU and primary care projects which have also linked with that fund. It is a very interesting fund, but it not one on which I am an expert. Therefore, I would not want to be quoted on it. Clearly, it is trying to do similar things. It seeks to use a fiscal stimulus and make a direct investment in infrastructure in economies to do what I suggested earlier, that is, to make up for the clear deficiencies in monetary policy. It is not doing what some people thought it might do.