Mr. Basil Geoghegan:

There are certain givens that are absolutely clear. The DAA is in State ownership. It should be investment grade and should be put at risk in that context. It should be in a position to pay a dividend to the State. The DAA should provide best quality, secure and efficient airports within its remit both in Cork and Dublin. Therefore, the regulatory model, which works out how much we can charge, needs to be able to deliver to an efficient DAA - and I am not looking for us to be inefficient - the cash flow that would enable us to make those investments and to take a decision in year 1 regarding something that will be still operating in year 30.