Madam, - Brian O'Neill of the National Treasury Management Agency rightly corrects my error in comparing the NTMA's six- month performance to the 2007 performance of its Norwegian counterpart.
In quoting the 2005-2007 figures, he highlights a steady and significant drop in returns from 19.6 per cent in 2005 to 12.6 per cent in 2006 to 3.2 per cent for 2007. This becomes -12 per cent for Q1+2 of 2008.
Given current circumstances it's unlikely this year's taxpayers' money of €1.6 billion will be regained intact. Hardly inspiring. - Yours, etc,
Dr MAIT Ó FAOLÁIN, Glasnevin, Dublin 9.