Mr. Phillip L'Estrange:

It is rather complex. In relation to the integrated ticketing scheme, the RPA was carrying out some development work for the NTA and on those invoices they charged VAT as it was a VAT applicable activity. The NTA then was entitled to recover that VAT and we had it as a repayable position. In fact, rather than keeping it as cash for the NTA, we offset that VAT repayable against the grants that the Department ultimately pay back to the NTA. It is a VAT repayable amount due to the NTA and we recognised that. That is our asset. It is to be offset against future grants from the Department of Transport.