Mr. John Tierney:

With regard to the questions raised by Senator Denis Landy, I will start with his last two questions. On the €11 billion worth of assets, that is the valuation coming from the local authorities to us. Obviously, we will have to consider that valuation. As I said, the description of asset is somewhat different in this context because the scale of liability attaching to these assets in terms of what needs to be done with them is substantial. I mentioned the water services investment programme. During that period alone local authorities were seeking to spend approximately €6.2 billion, if all the projects were to be undertaken.