Mr. John McCarthy:

The NTMA is most definitely not a fund manager or anything. The NTMA's role is to manage the sovereign debt, to reduce debt-serving costs to the Irish sovereign.

The Chairman is absolutely right. It has amassed a huge amount of liquid and semi-liquid assets, which are mostly sitting on deposit in the various banks. That is to help smooth amortisation humps, which the committee, I am sure, is aware of. There are huge redemptions in, I think, 2019 and 2020. That is pretty much sitting-----