As the Deputy will know, the Promissory Notes were replaced with a portfolio of long term non-amortising Irish Government bonds as a result of undertaking last week’s transaction. The net present value of the portfolio of bonds is €25bn which is equal to the par value of the Promissory Notes that they have replaced. With regard to the net present value gain in this arrangement, as the Deputy is aware, the calculation of a net present value is based on a number of mathematical assumptions, including what discount rate to apply and assumptions around future refinancing rates, all of which will depend upon the outcome of future events. These assumptions can have a material impact on the ultimate valuation and it is subject to a wide range of possible outcomes. For that reason, the Department did not produce a net present value figure for publication last week and I am not in a position to give one now. I can assure the Deputy that a key determinant of the value of the new arrangement was debt sustainability.