Martin Mansergh (Tipperary South, Fianna Fail)

The fund, in the short term, is being used for recapitalisation, so we do need the money, and therefore we will have to borrow it and we cannot save the interest on it. When the Senator says the fund has been diverted from its purpose, or words to that effect, given that this fund was never intended to be used until 2025, he is talking about a temporary use of it for emergency purposes. However, it is an investment which should in principle bring a return. None of the money will be lost during the process, and therefore it is present and within the remit of the original purpose. One Senator, before Senator Ross was present, rejoiced in the fact the NPRF was investing more in domestic institutions than abroad.

There is also the point that there are gross borrowing figures and net ones. This has always been the case. Net debt was always lower than gross debt, although the latter was mostly quoted for public purposes. The net debt was 10% or 12% lower when the NPRF was taken into account.