Mr. Charlie Phelan:

Both can happen. There are spin-outs, but there has not been a spin-out since 2013. Let us take traded shares and indicate how we apply a value. The documents that were traded were stamped by the Revenue Commissioners. We know the values that were applied in 2011, 2012 and 2013. In the letters we applied these values where there was a possible under-declaration of income. Shares are traded among people who are either connected or unconnected to each other, whereby I agree to buy yours or you agree to buy mine. There is no evidence of a denial that trading has been taking place.