Mr. Seamus McCarthy:

Deficit.

The other point to make is about the cost of the Glass Bottle site venture. Mr. Maloney has pointed out that the shareholder equity and loans that were provided and the interest paid amounted to just under €44 million. However, there was a more extended liability, as he outlined. A settlement was done with NAMA and the result was that assets with a value of, I think, €7.8 million were transferred to NAMA. So to get the overall cost to the DDDA of the venture one has to add the two things together, which gives a figure of €52 million. So it is not inconsistent with what Mr. Maloney has presented. I say this just in case there is any confusion about that.

I would also like to draw attention to the heads of agreement, a paper which was presented to the executive board of the authority on 2 November. It outlines the shareholdings or share distribution between the authority at 26% and the other partners at 74%. It goes on to state:

All rights, interests, liabilities, obligations, responsibilities and risks, and all costs incurred or losses shall, except as expressly agreed otherwise, be shared and borne in such proportions, provided always that the total recourse to the DDDA under any loans to the joint-venture company, guarantees or any account whatsoever in respect of the acquisition of the company or otherwise shall not in aggregate exceed €35 million.

This was considered by the board on that day. That is the basis of our statement in the report that the authority believed at the time that it was giving approval for the signing of the shareholders' agreement that its financial commitment would be limited to €35 million. I certainly accept that the shareholders' agreement that actually was signed subsequently did extend that liability, but I am just drawing attention to that in the context of the records kept by the DDDA.