Mr. Michael Doorly:

I take Deputy Michael McGrath's point. It is true that throughout the period the ratio of circulation revenues to advertising revenues changed in favour of advertising and advertising revenues were growing at a faster pace than circulation revenues, but, as the Deputy may recall, the economy was flying at that time, between 2002 and 2007. It was expanding, income levels were increasing and within the Irish Independent, we were showing increases across all categories of advertising.

We need to put property into context. The most important advertising stream would be general run of paper display advertising. I guess recruitment was probably second. We had income coming in from the magazines, particularly the Sunday LIFEmagazine and the WEEKENDmagazine. We had property and motors and travel. All the categories were improving year on year. In addition, as I mentioned, the group had extended overseas. We were getting involved in radio. We were getting involved in outdoor advertising and in new media. The business was thriving and there was no undue focus or pressure on property-related advertising.