Mr. David McRedmond:

First, we had no choice because the GPO is no longer fit for habitation. It needs significant repair. A few years ago, the cost of that was assessed at €70 million and An Post did not have €70 million to invest. We had no choice but to relocate. The rent for the Exo Building is reasonable. It is something over €7 million per year. That is a market rent and it is reasonable. What it has done for An Post is quite extraordinary. As an e-commerce, a financial services and a digital company, we can now look forward and ensure we bring the post office network and our delivery networks into the contemporary age.

We now have a business that is very forward looking and dynamic. I can tell the committee that the Exo Building was the best value for money, considering what it has done for staff and our partners with big companies, such as Amazon and Vinted, which will be essential to keeping the post office network open. When they come to visit us, they see a company that is forward looking, progressive and working hard, and with which they want to partner. It has been one of our better investments.