Mr. Peter Walsh:

On the issue of the range of interactions, when we saw that there were significant levels of inflation, we were reporting on the impact of everything we were doing, including in the discussions with Government. In June, it had looked as though we would have in excess of 6%. In July, we reported to our board that it was likely that there would be increases in toll charges across all toll schemes if inflation maintained at the level it was.

The point of the year at which consumer price index is determined is August. It was published on 12 September of this year. That was the point at which the sums could be done around the impact. However, we could see earlier in the year that inflation was high. We had given an indication to our board and subsequently we reported every month to the chairman, who wrote to the Minister with the points of interest from the board meeting. At the end of July-----