Ms Bernie Gray:

No, this was in 2019 with ISIF. That began a long dialogue about where it might go but ISIF is not a registered fund manager. It is an investor. For a fund to be created, a fund manager is needed. There are a limited number of options for fund management. Coillte provides services to that fund manager. We ran a selection process for fund manager in 2022, out of which Gresham House emerged. It was on the back of ongoing discussions with ISIF. There were broad discussions with the Department. Members can see in the letter of expectations we received in June that the Department was anxious for us to enter afforestation again. The question was how we would do it. As with all such challenges, there are ongoing discussions. We were open in our earlier contributions about the extent of the ongoing dialogue we had with the Department, which preceded the establishment of the fund in December.