Mr. Ray Gray:

This has been an area of very particular concern from the outset. We took the view that this was going to be serious and was going to last in a very severe way right through this year and into early next year from the outset. What we have seen is that industry projections have more or less moved closer to what we have been seeing and thinking. Right now we expect passenger numbers will be down by 75%. Unfortunately, I had the experience of going through 9/11 in 2001 and the 2008 crisis and if we are in cyclical industries we need to have cash reserves or bank facilities in place to protect us through that. As such we thankfully have the ability to withstand that, devastating as it will be. The consequent wipe-out of capital and capacity will be a problem for another day and is why I addressed thinking about that in the future in my opening remarks. We have the capacity to survive pretty much anything that is thrown at us this year. That does not mean we have been insulated from very tough decisions. Indeed, we are looking at our cash situation literally daily in order to protect it. However we will survive the crisis through this year.

The longer-term, more strategic issue is that we are going to have to live with this virus. In March we moved into a phase where we will have no resolution until there is a vaccine or until there are mechanisms that can dissipate the virus. As such this is going to be with us for a long period into the future and that is why what we need to put in place is a sustainable regime for safe travel, travel in a new environment and travel where the health measures are correct and effective. Those are calls to be made by Government and health authorities. Our focus is on ensuring there is confidence for the travelling public.