Mr. John Horgan:

I have not yet seen the fully audited accounts for the financial results for this year so I cannot say precisely what the figure will be and it would not be appropriate for me to announce them yet. I do not want to go any further than to say we expect them to show a profit, roughly in line with performance last year. I have seen the management accounts. I would prefer not to go any further. The full results will be announced in due course.

As far as I can remember, the protocol was agreed some time in 2012 or 2013. It was negotiated between the management and the company. It is right that the board is responsible and takes ownership of the overall framework within which negotiations take place but I as chairman do not get involved in the detailed nitty gritty of negotiation. That is a matter for the company negotiators. It would be entirely inappropriate for me as chairman to ask whether they can offer a bit here or there. I do not do that and will not do it.

I do not agree that the company has operated outside the agreed protocol. This is a fully unionised company. The trade unions represent the employees fully and we have people who engage full time with the trade unions on all these issues. I know the negotiations are done in a proper way with the trade unions. The issue is put forward to them. Of course sometimes a company proposes something and is prepared to concede on aspects of it and that is what bargaining is about. One listens to what the other side says and withdraws some of the harsher measures and trades them for others because that is the way negotiations operate. I am not going to comment on whether there was a proposal to reduce anyone’s pay by 30%. If there was it may have been part of a negotiating proposal. I would not be aware, and neither should I be expected to be aware, of the details of what takes place in those negotiations. The trade unions are very careful to ensure this does not spill over. They do not want negotiations in the public domain. I am being as open as I can in respect of what is taking place in those negotiations.