Mr. Charlie Phelan:

On the value, the letters that we issued attribute €65, €75 and €90 as the grey market value of the share in the years 2011, 2012 and 2013. That is based on the stamp documents on open market transactions. They are the values we have taken as being the realistic value of the share received. As regards the penalties, under the code of practice, and statutorily, the Revenue has powers to mitigate penalties in certain circumstances. In some technical matters, there are no penalties at all. The interest is a statutory amount, which the Revenue has no powers to mitigate. I agree with the points made about a 60 day suspension. We do not have any issue with that. The real issue for us is the mechanism to allow the 60 days. We have no problem with someone engaging with us. We will have no collection action within the period provided for under the code of practice in respect of people who come forward and engage with us. There are many terms around that code of practice, many of which have been included in the glossary at the back of the pack provided.

In regard to the letter of comfort, I am not aware of a letter of comfort having issued from the Revenue Commissioners. Mr. Walsh, who has been working in that area for a lot longer than me, may like to comment on that but I am not aware of any such letter having issued from Revenue.