Mr. Declan Lavelle:

Generally, the existing valuation lists are expressed in what one would describe as notional Victorian terms, but they reflect 1988 valuation levels. If we look at the prevailing valuation levels in 1988 for industrial properties - I am talking about a typical factory unit, a typical warehouse and a typical workshop facility - and the levels we would have applied, we are applying similar levels today because that is what we see in the marketplace. There is very little demand for industrial property throughout the State and the situation in Dublin versus places such as Waterford is very similar. There has been little or no change since 1988.