Mr. Adrian Neilan:

To be very clear, the site was bought for €3.4 million but the vendor, because it suited him and because the environment around it allowed it to happen as there were 15 construction sites in Limerick, stated as fill became available he would bring it to our site.

However, it was not an issue in the contract for sale. It was on a best efforts basis. It was never intended as a requirement for the overall sale. It was outside the sale. It made sense from his perspective, in that 15 sites were available and being developed in Limerick and we were in Greenpark, a site that needed to be filled. As an operation, having a place to dump rubble and fill would have been attractive for the people building on those other sites. It made perfect economic sense. Had the economy kept growing, the site would have been filled. However, it was never a contract agreement. Consider the maths. He was selling the site for €3.4 million. There is no way that he would turn around and fill the site at a cost to himself of €1 million. We bought a site that was 800 m from the centre of Limerick city. It was serviced by everything and was an attractive site. The maths do not stack up. The site was bought as it stood. On a best efforts basis only, not as a legal requirement, he would fill the site if fill became available. He endeavoured to do so. However, due to the slow-down in the construction industry in Limerick, the site never got filled. At that point, the board decided that it could not wait for nine or ten years to develop the site.