Mr. Ronan Gallagher:

The details of it are subject to the legislation passing. The IAA will deal with the nuts and bolts of how the charging regime will work. There will be consultation and it will be a transparent exercise. In preparation it has given it an estimate, based on current activity levels, of approximately €1 million. That will be spread across 500 to 600 regulated entities.

In terms of the public consultation, some of the bigger players would prefer that somebody else pays for it. That is in line with what we might have expected. However, we are following long established principles in Irish regulation that the industry and the regulated entities pay a levy to cover the cost of the regulation on a cost recovery basis only. This is not a profit making exercise.