Mr. Seamus McCarthy:

On the valuation and the Institute of Public Administration, the five houses it originally had, it has had for decades, so they were being carried at historic cost. The building it bought in 2005 or 2006 was at the peak of the market. It is being used as an office building, and the impact of Covid on the office market in Dublin has been very significant, particularly for older, energy-inefficient buildings. Therefore, there has been a significant write-down in general, in public and private bodies, in respect of properties like that. When the valuation was done, the property it acquired at the peak of the market, taking account of the significant drop in value, resulted in the impairment. It has suffered the impact of movement in the property market. There is not much more it could have done with it other than avoid having bought at the peak.

On the Arts Council and National Gallery, I will be coming to them in relation to that matter.