Mr. Basil Geoghegan:

My understanding of slot constraints, without having the detail of what was discussed in the DAA, is it comes down to a number of things. It is about being able to land on the runway and about gates and stands. They are the different things involved. In the US, they talk about gate access rather than runway access because there it is gate access that is constrained. Our job is in developing the runway and then the rest of the infrastructure around gates and stands and to make sure we always manage to keep availability ahead of demand. What that really means is, given the length of time it takes to develop some of this, in terms of planning and building out the airport we are looking five, ten or 15 years ahead. There is a master plan for the airport within which we operate. That also means we have to look through what potentially might be a number of aviation cycles. Sometimes there may be a down cycle where we should be building because we know there will be an upcycle again. The fact that the price of fuel has gone up or down because there is or is not a war in the Middle East may have an impact on revenues and the number of flights in the short term. We take a very long-term approach. Our long-term approach is to make sure where there is demand for a passenger or an airline to fly that we can do it without placing any constraints on their ability to do it. We also do it within the framework of a community, noise regulation and everything else. An airport is part of the community. That is what we have to work with here. That is what we are determined to do.