Ms Cathy Mannion:

No. Let me give an example from the electricity and gas industries because we have regulated these for a long period. There may be slight differences with the water industry. We take a very long-term view. When we are examining capital costs, we look ahead only five years, but this is part of a much longer planning process. With regard to network development, while Bord Gáis and ESB Networks give us a five year view, they constantly update it to account for the next five years. There is not a series of disjointed five year plans but a continuous plan. The companies are always re-evaluating their plans and they come back to us with the next five year sections of the overall plans.