Mr. Seamus McCarthy:

It is a joint venture. There were other investors in the redevelopment of the racecourse. The equity that was put in has effectively been eroded. It resulted, in 2020 I think, in an additional resource - a loan, in effect - being made available to the company, Curragh Racecourse Limited. From memory, the amount on the State's side was about €9 million, or perhaps a little bit more, but the other investors had to put in an equivalent amount. If the loan has not been repaid by the end of January 2024, it will be converted to equity. Further resources have gone in to meet that loss.