Mr. John McCarthy:

When I referred to cutting capital, I most certainly was not referring to a blunt instrument of cutting capital across the board. There are priorities and we need to maintain issues on the social housing front. I was simply pointing out some projects were based on a rate of return that was no longer viable once the economy hit. With some projects, the costs exceeded the benefits and they were the projects that had to be cut. I was not talking about an across the board cut in capital investment. We had to prioritise once the recession hit and the research shows that a number of projects were no longer viable on the basis of 2% or 3% trend growth rate as opposed to the 4% or 4.5% trend growth rate assumed when the projects were being compiled.

I will hand over to my colleagues to speak on the investment plan.