Mr. Paul McGowan:

That is correct. Irish Water's cost base is higher than those of the water utilities in the countries mentioned. Those water companies have been subjected to incentive-based regulation for a longer period. That is why we have imposed on Irish Water a 7% reduction per annum in its operating expenditure, and when it comes to the next full price control, which will run for six years from 2017, we will be looking at imposing higher efficiency targets on Irish Water.