Mr. Maurice Buckley:

We had already agreed that the rent would be reviewed every five years based on the consumer price index, CPI, not on the basis of market rents, which means 1% or 2% depending on how the economy does. The total value of the project is going to be the same. In a good negotiation the developer is going to look for the total amount of money over the period of the project. If we were to take, for example, a one-year, rent-free period, it would mean the rent for the other 24 years would be correspondingly higher. In terms of the rent reviews based on the CPI, each time the index would be applied to a higher figure. We have done some internal calculations that show the State would have lost between €5 million and €6 million had we had a one-year, rent-free period on this lease. Our normal practice is to try to negotiate a rent-free period to allow for the fit-out and everything else, but in this case because of the CPI linkage, the circumstances surrounding the deal and the negotiation, what was beneficial for both parties and what was the best deal that could be obtained, we obtained a deal for roughly 15% below market rent. That was one of the factors in how we could do that.