Mr. Conor O'Kelly:

We are in the process of moving out of our current premises as we speak. As many members will know, we moved into Treasury Building in 1991. We signed a 25-year lease for the building at that time. We took up some more space over subsequent years. Those leases have been coming to an end. In light of that, a few years ago we began thinking about finding a new home. We could either renew the lease on Treasury Building or look at other options. The board decided to look at other options. We received 18 submissions under an open procurement process. We ended up looking at four particular buildings in some detail. We ended up moving to North Wall Quay at a cost of €49 per square foot. Rent in the area of Treasury Building is in excess of €60 per square foot. The north docks is one of the cheaper areas of Dublin from the point of view of economic value. We decided to move beside the Central Bank. The cost for fit-out was budgeted at €30 million and is coming in at approximately €25 million in total.