Mr. John Corrigan:

While I am not familiar with the intimate details of the discussions, our advice is that the Irish Water entity, while it may be part of the wider Bord Gáis structure, must operate on the basis that it can be self-sufficient in terms of any bond issues that it would be required to do. Obviously, the balance between any free allowance and the tariffs is very important, to the extent that there would have to be a regulator overseeing it. My understanding is that the Irish Water entity will be a regulated entity. Obviously, as in the case of telecommunications and energy, the regulator-----