Mr. Diarmuid Collins:

What was transferred was the closed statutory scheme, the scheme that had a pension asset. The remainder of that recognised asset relates to staff who were in the model scheme, for which there was never a pension fund. They are like everybody else in the public sector who are funded on a pay-as-you-go basis. They were the two main elements that make that up. The closed scheme, which had a fund and was closed in 2004, had a pension asset transferred into the Exchequer. Other staff recruited after that are in the standard public sector model scheme, which is funded on a pay-as-you-go basis. We never had a pension asset for those. The liability on the balance sheet reflects all of our staff discounted for interest rates, yields and an actuarial assessment of what that future liability would be. We recognise a full asset, given the commitment when we transferred our funding to the Exchequer.