Mr. Pádraig Ó Ríordáin:

Senator Brennan asked about the 20% debt reduction. We want to reduce it further. To the extent that we have any degree of profitability in the airports or generated by Aer Rianta International, ARI, we will reduce our debt. We have to refinance all our debt - approximately €550 million - over the next two years. The fact that our credit rating has improved is tremendous because the debt will cost us less, and we continue to be very focused on it. The question on the other six transatlantic airports in Europe which have the same or more transatlantic traffic as Dublin Airport was very interesting. From my memory and knowledge of the airports, I would say all of them probably have very strong connectivity from the city centre to the airports. On the question of why profits have not increased while passenger numbers have, we have high capital expenditure and other expenses. Low regulatory charges inhibit our ability to create profit in the airports. Although our costs have increased by only 1% over the past three years, we still find it very difficult to find profit because of restrictions such as the regulatory caps. Pension costs must also come out of the budget.