Ms O’CONNOR – My last question. There seems to be a higher proportion of short-term investments compared to long-term investments in the 2020-21 financial year compared to 2019-20. Is there any particular driver for this?
Mr FERRALL – Effectively, the fund is running down. It is very hard to have long-term investments in a fund that only has quite a defined life.
Ms O’CONNOR – I was actually talking about TASCORP generally. Not the Mersey.
Mr BAKER – Purely because of the market volatility, we had a strategy to increase the amount of high-quality liquid assets that we were holding. So, just to give us flexibility in case we could not issue bonds in the market, we actually increased the amount of short-term issuance that we did, and held short-dated high-quality liquid assets against those, so that in the event that we or the Government needed funding on an urgent basis, we could free that up and meet their needs.
