Mr. Seán Quigley:

The €554,000 figure, which is quoted in the Aon Hewitt report, does not relate to all funds. According to the report in question, "Based on data provided by the Courts Service there were aggregate net realised gains of €554,957 from sales out of the Spectrum Growth Fund during the period April 2007 to February 2009". This figure relates only to the 63 cases where there were sales out of the funds. Gains were realised in 87% of those cases. Losses were realised in a small percentage of cases. I do not have the figure for the losses. It is relatively small. We can provide it. The €554,000 figure does not reflect the return on the entire fund. It relates to 63 cases out of approximately 20,000 cases, and only to those cases where there were sales. It can be seen that out of 2,600 wards of court, there were only 63 cases in which units had to be sold during the period in question. Even then, gains were realised in 87% of cases. The -34% figure is also taken from the Aon Hewitt report. I would be somewhat reluctant to comment on its work. It is Aon Hewitt's report and not my report. I think it was comparing the state of one fund at the worst point of the financial markets with other funds that had taken a much bigger hit. I think that is the only purpose the -34% figure served. As the Chairman has acknowledged, this was unrealised and did not materialise into an actual monetary loss