Mr. John Hogan:

It is a request for tender. The idea was to look for the types of companies that have the capacity to manage the types of funds we have in a way that would be responsible and that would adhere to the types and standards that we would expect. That competition was launched in the summer. The types of services of an escrow agent or custodian are bespoke. Such services are not issued or looked for on a regular basis. In recent months there has been engagement between interested tenderers and the NTMA. We could have taken the option of waiting until the escrow fund was in place to commence that procedure. However, in view of the commitment we had to recover the money as quickly as possible, we kicked off the procedure in advance on the basis of the information that we had at the time.

The conclusion of our negotiations with the company and the agreement in terms of how the escrow fund will operate will give us the latitude to conclude the competitions for the appointment of the escrow agent and custodian. In parallel, a competition is also under way for the appointment of an escrow manager to manage the funds. Given the links and relationships, there is a bespoke nature to the type of arrangement we have and to the types of services we are interested in procuring. We anticipate that in the next short while, we will see the necessary arrangements being put in place for us to fulfil the obligations placed on us by the Commission.