Mr. John McCarthy:

That is a very relevant question. Again, there is a slight difference between general government and Exchequer, but it is on the margins. This year, the total interest bill is €3.4 billion, which is similar to the €3.2 billion the Chairman mentioned. We project the interest bill by the end of our forecast horizon to be €3.7 billion. What is really going on is that it takes a while for the higher interest rates to pass through into higher interest payments, because so much of the debt that was issued over the past couple of years is ten-, 15- or even 20-year debt. That is all fixed-rate debt, so it is going to be a long time before it needs to be refinanced. When it is refinanced, however, instead of it being at zero rates, which is what it was issued at, it will have to be refinanced at something like 3%, if we were to do it at the moment, but probably a little higher over the medium term.