Mr. Martin Shanahan:

No, that is not particularly what I am saying but is an element of it. The most obvious cost reduction is in property, the demand for and price of property. The cost of property for companies, whether Irish or international, or the rental demands, fell significantly. The unit wage cost has fallen in recent years. That does not necessarily mean that wages have fallen but it could mean they are not increasing relative to other countries. If they are flat here and increase elsewhere we become more competitive. In some cases there were wage reductions and the cost of employment fell over the period.