Mr. Conor O'Kelly:

I joked that I have a picture of Mario Draghi on the wall of my office. That is true. I have one. The ECB did whatever it took, including the introduction of interest rates, in this environment. The actions that have been taken in the last years, including bond buying and the Commission's support to next generation EU loans and grants, and that commitment and environment, allow us to do what we are doing, including borrowing and lengthening the maturity. Any change to that is probably the biggest risk that we have to look for. Ultimately, we will have to reduce those bond-buying programmes. The ECB will change its stance and tack. Higher inflationary pressures would make it change faster than its current predicted path. That is something to keep an eye on since it is probably the biggest risk or change. Even if that happens, we are already locked in and protected until 2025 or 2026. Even if the stance of the ECB changes, Ireland will not face a refinancing risk or see the consequences until the latter half of this decade.