Ms Julie Sinnamon:

The transfer from CEBs to LEOs has happened and all of the LEOs have been formally launched. We are establishing a centre of excellence. We have started training programmes on client services and so on with CEB staff and are rolling out further training in the coming weeks, but we are still in the early days in terms of effecting real change. It is not just a matter of rebranding, but of providing a higher level of service consistently across the country for entrepreneurs.

The entrepreneurs in question have different needs than many of our clients. This morning, Mr. Hayes and I met the Irish Small and Medium Enterprises Association, ISME, for the second time in recent months. We have received plenty of feedback about issues that are arising that we will take on board. In recent weeks, I visited a number of LEOs to get direct feedback as to what is happening on the ground. People have different needs and we will work through the central co-ordination unit with the LEOs and the centre of excellence, but I do not expect that everything will be up and running now. This journey will take some time to effect the type of change that is desired, but we are moving in the right direction.

With regard to the audit report for the south east, there are recommendations that have been fully implemented. Does Mr. O'Donnellan wish to discuss the loss on the equity portfolio?