Mr. Conor O'Kelly:

The investment policy is to invest in conservative assets. That has been agreed to by Apple and Ireland. As such, 80% of the fund will be in Government bonds, all of which will be AA-rated or higher, while 20% will be in high grade corporate credits which are A-rated or higher. The maximum maturity period in the portfolio is five years, while the average maturity period is three years. Even if one looks at the Irish sovereign bond market today, there is a negative yield to five years, with negative interest rates. We are in a negative interest rate environment and the portfolio, as constructed, in theory, will probably return a figure of -0.5% per annum. That is the expectation.