Mr. Seán Quigley:

The point here is that the level of risk we took was in the best interests of the beneficiaries.

To take a lower level of risk and not be exposed to equities would have merely guaranteed that the money would have gone a lot quicker because one would be into low-performing cash and bond funds. We would be satisfied that we acted in a fiduciary capacity in the best interest of the beneficiaries. Of course, the risks were higher than one would like but as has been proven by the return on this fund over the longer term, it has been absolutely in the best interest of them.