Mr. Paul Carey:

It is indeed a substantial figure; however, we must focus on the first phase of development, which will cost €50 million. If it was done in isolation and further phases did not happen for a number of years, that would not impact on the first phase. The first phase, which is essentially a new pier that is not tidal, would allow cruise liners to come in. It would allow larger ships for oil imports and other bulk products into Galway. That would allow us to hold onto existing customers so really it is the first €50 million that is critical. I am informed that there is a possibility of European funding for tourism in Galway and it may also come through the cruise business. We have several other lines of funding we can explore. It is easy to say "build it and they will come," but one cannot do that nowadays. It was done in the past and it does not work. However, I believe areas of funding will be opened up once we obtain our planning permission. When one has planning permission, people start to take an interest and investors will come on board. They do not like indecisiveness and will wait until one has a planning application in one's hand.