Ms Fiona Ross:

I am happy to address those. As I said at the outset, it is a holding company. We have an unusual and complex governance structure within the CIÉ group. It has certainly been subject to challenges in terms of how to make it work most effectively. Under the 1986 Act the operating companies are subsidiaries. They operate under company law whereas CIÉ is a statutory body. We certainly have encountered some challenges along the way. The arrival of the NTA and other key stakeholders has meant a change. There is a direct relationship between the operating companies and the NTA. The holding company has been in a different position as time has moved on. We have four worker directors sitting on the main board. My three chair colleagues on the call today sit on the main board with me and we have four independent directors as well. Our goal, as I said at the outset, is the fine line between fostering the autonomy of the operating companies and making it clear - I think it has been clear from the session today - that they are completely in control of the operations of their respective organisations.

The fiduciary duty and statutory responsibility that lie on my shoulders are to ensure the financial sustainability of the group. We consolidated the numbers into the main group. We are focused on financial sustainability. We talk about overall sustainability but, as can be seen from the operating companies, the way in which climate change and sustainability is operationalised will be through an operating company. We keep a watching brief on it at the main board.

On property and transport-oriented development, the parent company owns the property, while it is used by the operating companies. That is how it is currently structured and-----