Mr. David McGarry:

The impairments were recorded in 2012. The Deputy is correct that we did not record the upward revaluation in the 2012 or 2013 accounts. This is in line with the accounting policies of Shannon Development, whereby we record our assets - fixed assets, in particular - at what is called, in accountancy terms, depreciated historic cost. Having carried out the holistic due diligence process and ascertained the property values, it was correct, under Irish generally accepted accounting principles, GAAP, and the current accounting policies of Shannon Development, to record the impairment without at the same time recording the revaluation. Now that the Shannon Group has been created under statute it is the appropriate time to record in the books the upward revaluation.