Mr. Noel Curran:

The commercial market remains difficult. Anyone who has seen recent statements from UTV and our other commercial competitors regarding the first quarter will know the market remains difficult. We are still targeting break-even this year. It all depends on where the market goes in the second half of the year. This was referred to in UTV's announcement. The indications are that the second half of the year may be better than the first, but like every other media company, we found the first half of the year unpredictable and difficult. We are hoping the signs for the second half are more encouraging, but we have looked at remedial cost reduction action.

It is not possible to wait until the third or fourth quarter in some sense of hope and then find the market has not come back. I assure members that we are very much aware of the market situation and are taking remedial action in terms of a suite of further cost reductions this year. We are also looking ahead. As I believe the chief executive of any media company or any other private company would say, the most difficult thing is forecasting because people make late decisions. They are waiting to see what head office thinks, what their sales are, etc. because there is uncertainty in many areas. Long-term forecasting is difficult, but we will factor in whatever adjustments we need to make in whatever forecasts we have for commercial income. It is possible to talk oneself down in some of these situations. The indications from much of the market is that for a particular set of factors in the first half of the year it was difficult for media companies. As the chief executive of UTV indicated in recent days, there are indications that the second half will be better, but we cannot guarantee it. RTE has always reduced costs in terms of commercial decline. We forecast, project and run scenarios.

In terms of the modernisation of the structure, we have completely restructured RTE. We have completely restructured digital. We have 500 people fewer and have made 30% reductions in costs. This is an ongoing process. We have not sat back and said: "We've done all that. That's great. Let's take a break." Even by the end of this year our costs will be €39 million less than two years ago, which shows prudent financial management on behalf of RTE. I am not looking for a pat on the back for it. It is what companies have to do in these unpredictable days. We have restructured and reduced workforce. On the point that we need to look at today and forget the future, part of our problem is that we are spending more money on some areas because we are trying to think ahead as to where we will be in two or three years, while at the same time cutting back substantially in others. Those are the choices we have to make. This is a technologically driven industry and it is not standing still.

In terms of the CFO position, the acting CFO is here today. She has run television, our biggest revenue generator and cost area for the past eight years. We will be making an announcement about that shortly. It has not been 11 months or anything like that.