Ms Hilary Murphy-Fagan:

Yes. Accrual basis accounting requires a very different structure in the chart of accounts, which I explained earlier. Effectively, this is the whole structure and foundation of how all finance data are mapped and recorded. This was the fundamental difference. We did not understand or anticipate the significant change to it that would be required. We do now and this is the work that was carried out at the end of 2018 and 2019. It is now being implemented. I believe it has been fully addressed. I believe that what we are implementing is an integrated financial management solution that will serve the State for generations to come.

We are moving from a very outdated legacy cash accounting system, that was introduced, I believe, sometime in 1866. It is quite a simple way of accounting. The new system will give us far better information and a better understanding of where we are at.