Mr. Stephen McNally:

You are absolutely right, Chairman. In many cases hotel management companies were brought in by the banks to re-set the hotels and run them. Many hotels were sold last year and this year and will continue to be sold next year. The hotels are performing quite well because they are run well. People think anyone can run a hotel but it is very difficult. Long hours and a huge commitment are required. It is a very different game. It would be like me trying to build a house. I probably would not be very good at it. Good science is needed.

Many hotels around the country have recovered at this stage. Some are not recoverable, but that is less and less the case if we can keep increasing tourism numbers and keep employment going. We need to get everyone to put their shoulder to the wheel. To take up a point made by Deputy Griffin, it is important from the perspective of Tourism Ireland and Fáilte Ireland to expand the season and expand tourism products to other regions. If we withdraw the money from the agencies they will not have the ability to get the business and they will focus on existing markets rather than new markets. The new markets are the most effective. We are in recovery mode. We have come a long way in two years. In two years’ time we will have come further again.