Mr. Adrian Neilan:

The capital appraisal process advised to me in March 2008 from Gerry Smith included a request that I ensure the board was fully informed of all decisions regarding capital projects, which it was. It also advised that I ensure a capital appraisal process was undertaken to facilitate the decision on investment. As the Deputy will be aware, a typical capital appraisal process is a MPV process, which is what we used. We had projected that Limerick stadium would come within 85% of the return of Cork stadium. That was our projection. Clearly, we made projections at a time that is much different from now. The economic reality has hit home and it is clearly not performing in line with those projections. However, we have a wider industry remit. We have owners from Limerick and Clare. From an overall perspective, the decline in ownership countrywide is approximately 34%. If I apply that to Limerick, it is 25%. We have a wider economic benefit and remit. We invest in greyhound welfare programmes and equipment to protect greyhounds when they come to the tracks. The point I am making is that an MPV is not a strictly accurate tool for measuring investments in the greyhound industry.