Mr. David Gunning:

I commented on the financial return on various aspects. We are on a path to enhance that whole area, and that is a company-wide activity.

There were a number of questions on the Helvetia Wealth company. To be clear, there is a protocol in place between Coillte and NewERA so that in any companies expressing an interest in even a discussion around this particular transaction, the first port of call is with the NewERA staff. In terms of my knowledge, I have no knowledge of any meeting, certainly from my point of view or any of the Coillte staff, with the organisation named. There may be other interfaces such as NewERA, which has the responsibility, as agreed by all the parties, to deal with those topics. I hope that addresses that question.

I dealt with the fluctuation in revenues and profitability. It is flatter than it looks because of the provision that the board felt it prudent to make. We mentioned SmartPly specifically and as I said, the SmartPly question of reinvestment, and ministerial approval for that reinvestment, is now within the scope of the work being done in co-operation with NewERA and others. In terms of timescale, to address Deputy Deering's question, we would anticipate that this should be completed substantially by the end of the year, if not beforehand.

To be clear, the number on the pension in the annual report is the financial reporting standards deficit. There is an actuarial deficit which is different. We do tri-annual evaluations. The last time we did this it was a deficit of approximately €92 million. The actual deficit that will need to be closed will have to be determined closer to the time but it is of that order.