Ms Ann Nolan:

For example, at the beginning of this year, we did not know whether we would be doing the initial public offering, IPO. There were three windows, as the Deputy will remember the Minister saying. It could have been in June this year, it could have been in the autumn and it could have been in the following June. At the beginning of a year, we do not really know what expenses we will incur, so therefore we do not know which ones we will recoup.