Mr. Se?n Laffey:

We have five-year revenue control periods, which are approved by the Commission for Regulation of Utilities, CRU, and our Department, and we get roughly €5 billion to €6 billion per revenue control period. We spend about €1.2 billion per year, which it is hoped will go up to about €1.5 billion per year. We are looking at somewhere in the region of €40 billion or €50 billion worth of work to bring all of our water and wastewater assets, both treatment and network, up to good standard. It will take multiple investment cycles.