Mr. Gerry Egan:

It is important to reiterate that in the past five years, with the economic difficulties and so on that we have had, we reduced our operating costs by €14 million per year and we have reduced our employee numbers by 25%. That has all been done below the radar with no industrial relations issues. It was all done with co-operation and, therefore, we have nothing to fear with regard to further overhead cost reductions and so on. An integral part of our strategy, which will create the €450 million in added value and pay a dividend of €20 million to our shareholder, requires a sustained programme of cost reduction, and we have detailed that area by area, section by section and department by department. Further cost reductions and so on hold no fears for Coillte.