Mr. Liam O'Reilly:

The project is broken into three stages. The stage we are at is the de-risking stage of the system in terms of business processes, data clean-up and data into the future and improvements in the system itself to get more standard functionality so there will be less manual checking. That is work on the current system and that is with a view to potentially getting it ready to run a tender to replace the system in the long term. Multiple other institutions in Ireland are in the same boat. I would not get into the realm of speculation but we are going to be spending definitely more than another €2.5 million to €3 million, up to possibly maybe €5 million, over the next two to three years on addressing this system. On the long-term size of these projects to replace the system, Deloitte made a very rough order of magnitude estimate that it could cost €15 million to €20 million to replace a system of this critical nature. Across the sector, these types of projects are being approached by our peer institutions. They are all at various stages of either doing significant investment into their existing systems which, to use IT terminology, are legacy systems that were implanted a long time ago, or replacing those systems. The €15 million to €20 million that is mentioned in the report is not unreasonable as a figure.