Mr. Nick Ashmore:

They would be largely similar, in that the principal governance body overseeing the funds will be the agency board and the operational delivery will be managed and co-ordinated by the NTMA agency team under the executive management led by Frank O'Connor as chief executive. However, the mandates of the two funds are distinct. They are also distinct from ISIF. The investment strategy and the approach to investment of those funds will look somewhat different, mostly with regard to the timeframe.

There will be longer-term investments in the long-term fund and higher degrees of fixed income and lower-risk assets in the shorter-term funds. ISIF has a specific investment mandate around commercial investment that engages a slightly larger team than you would have relative to the assets and a much more proactive involvement in the economy and development of transactions. The new funds will, we imagine, be almost all globally invested outside the Irish economy in liquid markets to begin with and, over time, perhaps in alternative assets as that becomes appropriate.