Mr. Ray Hernan:

Although my time in the organisation has been short, I am aware that the board and management have been highlighting the deterioration in its finances for a number of years. They also highlighted that significant cost pressures were coming on board. Between 2014 and 2015, the significant change that occurred within our cost base was the reinstatement of the pay reductions that were implemented in previous years in order to support the organisation during difficult times. Amounting to many millions of euro, this resulted in the deterioration from making a profit in 2014 to making a loss in 2015. It was the main change in our financial circumstances.