Mr. Phil Meaney:

Like Ms Larkin, I was conscious of keeping my statement as short as possible. We live in the industry every day, and I can see how what we said could seem to be vague, but we did not mean to be vague in any shape or form. A number of major issues have been dealt with in 2015. The two main High Court cases predated the executive and the present board members. A huge amount of time over recent years has gone on dealing with them and getting them behind us. I accept what Deputy Fleming said. While there is a cost, I am delighted they have been dealt with.

The deficit in the defined benefit pension scheme has used up a lot of time. We are at the consultative stage and having it dealt with is very important to me. The executive, with the support of the board, has put in place a deal with our bankers which is very important for any organisation. Disposal of core or non-core assets is a big issue and we accept Indecon's recommendation. During 2015, we have disposed of the old head offices of the IGB on Henry Street in Limerick. This, along with other income we generated, will allow us pay down debt to the bank in 2015 for the first year since I got involved.

As I alluded to earlier, most of the executive, including the CEO, only came on board in 2014. All board members, with the exception of one, are new and none of the executive was in place when I came on board in 2011. The point I am making is that we now have a good executive with new blood on the board. We have a bit of cash we did not have before. This is a platform to kick on, which we did not have over the past four years in which I have been involved in the industry.