Mr. Conor O'Kelly:

There was a review scheduled 18 months after the ISIF was set up. One of the key questions of that review process was about what amount of money would be needed to be in the fund to execute and deliver successfully on the mandate of the double bottom line for an economy like Ireland. It was agreed that the €8.9 billion which sat in the fund had an excess which would not be needed in order for the fund to still continue its mandate. In that regard, those reserves were identified by the ISIF and the NTMA in our first submission to the Government, namely, that there would be significant excess, maybe several billions of euro, which could be used for other purposes.