Mr. John McCarthy:

The priority is to ensure that local authorities, for that balance of borrowing that they are undertaking from commercial institutions, are getting the best possible rate. There have been some efforts to look at a more centralised system of that borrowing within the local government sector. It is complicated by the fact that when it comes to pooling resources, and pooling cash balances and borrowings, it can become quite complex in terms of almost getting to the point of needing to have a bank-lending licence. This was looked at some time ago. However, the primary objective should always be to ensure that the best possible rate is obtained. If the local government sector has a way of achieving that which can be achieved better through a more central arrangement, we would happily engage with the system in relation to that.