Ms Maria Graham:

To clarify, as the Secretary General said, the assets are the assets of the local authorities. They are being transferred under the Water Services Act. They will be transferred by ministerial order during the course of this year. Their valuation will be reflected in the closing balance for 2013 in the annual financial statement. The previous statements would have indicated a value of €11 billion. That value derives from the local authority accounting procedures. In moving across to Irish Water, it obviously comes into the commercial accounting sphere and it will be valued from that perspective. Importantly for the customer, the regulator will be looking at all Irish Water’s capital and operational costs. As part of-----