Mr. Lar Bradshaw:

A few things happened. The first is that I think there was an announcement in June 2006 that Dublin Port Company and South Wharf had reached an agreement whereby it turned out that South Wharf would have two thirds of any consideration and would sell this asset. I am sure people have the record of all of this. I have done a good deal of research in preparation for this meeting since I was invited to it. I think it is in the public domain that there was an agreement that it would sell it provided it exceeded a reserve price of €250 million. That is the first thing that happened. We now knew the site was up for sale. A council meeting was then held in July when this topic came up for discussion and it was agreed that the executive should explore options for whether we should participate in some way in the purchase of the site. My personal view was that it would be a really good idea if the authority could get into some ownership. We clearly were not going to be able to afford it on our own. We can get into all the reasons why we might have wanted to participate but one of the things that really mattered to me was that we had been the underbidder to the Fabrizia site next door to it in 1997 or 1998. It was a ten-acre site with the AIB sports complex and was next door to the IGB site. In 1997 or 1998, we had been the underbidder on that site and it had been purchased by a developer around the same time as we purchased the Bord Gáis site, which is the site on Sir John Rogerson's Quay. Ten years later, which brings us to July 2006, it was fairly clear what had been achieved on the Bord Gáis site we purchased but nothing had happened on the site for which we had been the underbidder in 1997 or 1998.