Mr. Tim Fenn:

Deputy Phelan raised the issue of VAT. VAT has been a real shot in the arm for our industry. Some 90% of our members have said that it has made a significant impact on their business and 40% tell us that it will lead to increased employment in the current year, which is wonderful news. We are preparing detailed economic arguments for the retention of the VAT arrangement into next year. We believe and hope that when we show those arguments they will be strong and they will also show the cost. The figure mentioned was €350 million. The cost was nothing like that, but we cannot say that yet.