Mr. Michael Doorly:

The core business is the product. In this instance the product is the Irish Independentand its success is built on good reporting, good journalism and providing content that is relevant to the readers. That is the business. The success of the title is measured in terms of circulation sales and readership. What happens then is that the advertisers looking for channels to promote their goods and services will review the numbers and will or will not advertise, as appropriate. The circulation and readership figures, as I said, are quite stable. It is the advertising element that will rise and fall in line with the economy.