Mr. Seamus McCarthy:

It is Fáilte Ireland. The financial statements recognise the pension liabilities that arise in relation to the staff of Fáilte Ireland. They also recognise a deferred funding asset, a matching asset, in relation to two of the schemes - the closed schemes - which were previously funded schemes. If the Chairman recalls, around 2009 there was legislation to transfer the funds in the funded schemes to the Exchequer. As a result, there is a statutory guarantee that the liabilities in relation to those schemes will be met. They are recognising a matching asset in relation to that, but those schemes are closed. More recent staff are in what one calls a pay-as-you-go pension scheme. There is not a similar statutory guarantee in relation to the payment of pensions in that case. With most public sector bodies, where they are accounting for pension liabilities, there is a practice that they recognise a matching asset in the expectation that the State will honour the liabilities as they arise in the future. Fáilte Ireland has chosen not to do that, notwithstanding the general practice, so I am just drawing attention to the fact.