Mr. Diarmuid Collins:

Our intention is that the IMI will be a success. All the indicators we have - our market assessment, its market share and its upturn in performance - show it is not a basket case. It is improving revenue and bottom line profit. As part of the governing body decision to invest in the IMI, acquire the campus and invest €20 million, it wanted to have, as part of a risk assessment and risk mitigation, some comfort that were it to go wrong, we would have an option to recover that investment. That is one of the reasons UCC bought the campus. It now has the asset; the IMI does not. It is the UCC's governing body's future call and decision either to invest in that asset again or divest from it were the IMI in UCC not to be a success. As part of the formal consideration of the impact of an acquisition in our accounts, we have to get a fair value assessment of the asset post-acquisition and we know from that market value assessment that the value today is greater than what we paid.