Mr. Oliver Gilvarry:

In relation to the National Reserve Fund, at the moment, that is in Exchequer notes, so it is basically in very short-term paper, in essence, close to cash or cash. The rationale regarding the National Reserve Fund is that it was in place as a countercyclical. What we are putting in place, in particular in the ICNF, is basically to support our countercyclical there. By maintaining the NRF while having the other funds, we are really doubling up what the intention of the NRF is. We will be doubling up at additional cost and we can then use the moneys out of that to seed both the ICNF and the future Ireland fund.

In regard to the future Ireland fund, the intent is that it cannot be drawn down until 2040, so it would be a longer timeframe in regard to investments. I will pass over to Mr. Ashmore shortly to get more detail on that.

With the ISIF and the framework we have there, money can potentially be taken out up to a maximum of 22.5% of the fund from 2026 onwards. The fact it is a counter-cyclical means that if something goes wrong or the economy starts to slow down and we need to be able to take money out of that to support the NDP, that will be a much shorter timeline and more liquid assets compared to the-----