Mr. Seamus McCarthy:

That is the line Department, really. The obligation is on the board of the agency to form a view as to what is the appropriate accounting policy to pursue. It has taken a very strict line but when we analyse the circumstances of the pension liability, it is effectively saying there is no guarantee it will be funded in the future to meet the pension liabilities that staff have already accrued. To my mind, that does not actually reflect the reality and there is an implication. If an action was taken in law, I think the funding would have to be provided.