Mr. Hamilton Goulding:

I did not know when I passed it to the remuneration committee and the board would be acceptable. I deemed it something that could be put up for consideration, although I was on unfamiliar territory, having not arranged anybody's pension or departure arrangements before. The proposal was put forward and could have been queried. The board could have gone on bickering with Mr. Kiely for a long time and possibly got a certain reduction in the package but it was quite clear that this was the kind of level of remuneration that was going to have to be given to the man or he would have stayed on. The other issue very much in our mind was that if we got into a dispute scenario, we would probably have had to pay him approximately the same amount, with legal fees on top of that if we got into difficulty.