Ms Bernie Gray:

We have a clearly established dividend policy, published in our annual report and accounts every year and agreed with the Department. For the past two years, we have achieved extremely good dividends. We had the highest one ever two years ago. The average, bearing in mind that the business is cyclical, has been about €13 million per year over the past five years. We have not conducted a review of the dividend policy as yet but will do so later this year. In our view the dividend policy should be aligned with our strategy. The issue is whether we consider dividends just in terms of financial outturn or in terms of the multiple benefits Coillte can deliver for people, the climate and the wood industry. Our view is that we need to consider them with a broader base that does not just focus on the financials. This is because Coillte has a responsibility to all stakeholders in the management of its assets. It is much more than a financial issue. We hope to conclude the dividend policy review this year after discussion with our shareholders. We hope to commence that process very shortly with the two shareholders.