Mr. John Dempsey:

In terms of accounting treatment, under international financial reporting standards we will be reviewing that expenditure. As part of the finalisation of the statutory accounts we will adopt the appropriate accounting treatment. Under IFRS rules we will capitalise that element of the programme costs which can be capitalised for accounting purposes. This will be separate to the treatment that may be adopted for regulatory purposes. Therefore, when the Commission for Energy Regulation review is complete a view will be taken on the appropriateness or otherwise of the inclusion of that cost in the regulatory asset base, RAB, which in turn forms part of the calculation of any costs that might be allowed as part of what is termed our "allowed revenues". I do not propose to go into the detail on the regulatory side at this point.