Dr. Hugh Brady:

We would also say that the cash balances are primarily as a result of timing, so this is committed money. I refer to the recommendation from the Donnelly report, to which the Deputy referred, which is also based on international norms where universities recommend 45 to 60 days of cash – that is just for day-to-day purposes. On top of that there is a lumpiness which comes with funding issues. One gets a research grant up front, whether from the State, from the Wellcome Trust or from the European Union, and one gets draw down of loan funding for capital projects and of philanthropic money but this is committed money. This is not money slushing around-----