Mr. Pat Creed:

There is no possibility we could generate the revenues required to meet the bank debt in the short term while the bank debt was over us. There is a number floating around of €31 million that was lost. That presumes the economy, which was booming in 2007, would have continued to boom all the way through to 2017. I will use an analogy from a business I am very familiar with, which is the Irish motor industry. It is often used as a barometer of economic growth and macroeconomic growth. The Irish motor industry was selling nearly 200,000 new cars in 2005 and 2006. It sold 57,500 new cars in 2008. It crawled its way back to 140,000 new cars in 2016. Mentioning the €31 million figure is like saying if the motor industry continued to sell 200,000 cars in 2008, 2009 and 2011, the available revenue would be a particular amount. That never happened because we had a massive recession so the number does not stack up. We have a debt problem that needs to be cleared. We cannot generate enough revenue or EBITA to meet that debt. We have a bank that wants to get paid back because the debt is seriously in default. There is only one option to substantially increase prize money and put the industry back on a solid footing and that is to discharge the outstanding debt. It is the only option, namely, to do it and do it now.