Mr. Declan Lavelle:

Regardless of whether we are talking about retail, industrial, office or some of the other more specialist categories of property, what our valuers are required to do, and what we are required to do, is to estimate the net annual value or the rental value of that property at our valuation date, which is March 2012 for Limerick. We must do that for every property. The idea is that we produce a valuation list at the end of the day, that all the valuations are set by reference to the same date, and that there is a certain degree of equity and uniformity across the list. That is what is required from us.

Operationally, from a valuer's point of view, it is all about information. It is all about getting in as much market information as we can. We are very much at an early stage in Limerick. Limerick is very different from the other rating authorities from the point of view that it will be amalgamated before the valuation list is published, but talking in general macro-urban economic terms-----