Ms Maria Graham:

To clarify, in terms of the CSO, it is looking at revenues and costs. In terms of the assets, it is important to state that there is no financial transaction associated with the assets. They are just physically moving from one part of the State asset to another part of the State. In terms of the CSO and the national accounts, this is the way they are reflected. There is no financial transaction. Irish Water is not buying the assets from local authorities. It is simply that assets which are owned by local government, which is part of Government, are moving to a commercial semi-State which is owned by Government. In terms of the value of that national asset, the CSO maintains the value within the national accounts. Revaluations occur in the norm. I am quite certain of this. This is important. Because there is no financial transaction, it does not impinge on what is being looked at from that point of view. The valuation of the assets is more from the accounting point in the local government accounts and the accounting perspective from Irish Water.