Mr. John McCarthy:

Can I make one comment please? In terms of the fund, obviously €70 billion is an enormous amount but that will only partly pre-fund the pension and social welfare liabilities of the State. This fund does not go anywhere near fully looking after those. The increases in expenditure simply because of an ageing population are enormous. By the end of this decade, we will need to spend about €8 billion more simply to stand still because we will have more older people. That is just this decade and it increases exponentially thereafter. The €70 billion is a lot and it sounds like a lot but actually it is only part pre-funding. That point is worth making as well.