I'm surprised at how bad Ireland looks in terms of currency reserves.  For quite a few years now we have been putting 1% of GDP into a National Investment Reserve to fund future public sector pension requirements - something which I think is very unusual if not unique in terms of national accounts.  Does this distort the currency reserve picture?  It is a significant hedge against future expenditures/costs even if not directly energy related.  It will help soften the blow of future energy related costs.  

Having said that Ireland is unconscionably dependent on imported energy and has been slow at developing its significant wind resources and improving the insulation levels of its housing/building stock.  We will have to readjust fast, but there are some signs that this is happening to a limited degree.

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