Mr. Alex Chisholm:

We felt the period of excess debt it went through held it back from making a firm commitment to investing in upgrading its infrastructure, particularly towards next generation broadband which we felt was in the interests of its customers and was probably justified by the competitive pressures it was under. Proof of this has come in that during the period after it came out of examination, it moved quickly to commit a larger sum, approximately €400 million in total, to investing in next generation broadband and speeding up the rate at which it wants to roll it out to meet the competitive pressures it is under. We are not alone in the perception that such investment would have happened at a slightly earlier period if it had not been going through the difficult process of trying to deal with the excess debt which involved a number of different players and debt holders throughout the world.