Mr. Gerry Britchfield:

Yes. We are reflecting the returns that could be got in Ireland in terms of growth rates and quality of the product being brought to market, etc. Ultimately, the National Pensions Reserve Fund would have invested in the preceding vehicle and it would have had a view on the return. We have a view on the return we want from the asset, and there is obviously a negotiation between two parties. Ultimately, in that case the National Pensions Reserve Fund was happy with the return it got, which was benchmarked against the sort of returns one could expect from forestry assets on an international basis.

Deputy Boyd Barrett made points that are ultimately around what is our mandate. We are owned by the shareholder - the State - and the Minister determines the mandate for us. It is set in the Forestry Act 1988 and the policy directions given by the Minister. As recently as when the decision not to proceed with the harvesting rights sale was made earlier this year, the Government and the Minister made it absolutely clear that the priority for Coillte is to put it in a position to pay a financial dividend on the asset it owns. That is the mandate we have been given, although if we are given a different mandate, we will follow that too. We are owned by the State and the Government and we will do what we are mandated to by the Government, the shareholder.