Mr. Michael Kelleher:

We believe HISCo can do its job because it is taking the longer term view of how it invests in an area. It does not operate under the restrictions faced by Irish Water or whatever. That is the model that works. Development takes a long time to get through the system and we need to be able to get partnerships that are prepared to take a ten-year view to make it happen. We must remember that there are economic cycles as well. We can get downturns so we must be prepared to take the longer-term view in order to deliver.