Ms Julie Sinnamon:

I shall explain that. I will give a specific figure on it. When we invested in the public company, our funds in the company were €16 million and the investment was revalued to €10.3 million. The write-down at the time of 2007 was €5.7 million. Subsequently, Trinity went public and the shares collapsed. In 2012, the shares were at the highest price they had been in four years and a decision was taken within EI. Trinity had made a couple of subsequent investments, one in UTV and one in Dalata Hotels, which were not core to what we were involved in and we decided because of the collapse in the share price and that it was now in the strongest position it had been in for four years to divest of the shares. Therefore, a further hit of €4.2 million was taken on those shares.

We had also made a profit of €2.5 million previously so there was a loss of €7.4 million on that Trinity deal. Despite that, overall there is a return of €38 million on the venture capital fund to date but that was a significant loss.