Mr. John McCarthy:

-----most of the debt was taken on in and around 0%. It obviously differed from debt instrument to debt instrument, but the vast majority of debt was at 0%. This was because the European Central Bank, ECB, and the Central Bank of Ireland to be more particular, was essentially backstopping debt issues in all euro area member states - quantitative easing, so to speak. That continued in 2021 as the ECB continued to hoover up much of the additional debt issuance. However, that is now being discontinued. We are moving from quantitative easing to a quantitative tightening space. The cost of borrowing, which was 1.7% this morning, has risen substantially.