Mr. Denis O'Leary:

We are approximately halfway through phase 1 - the business plan - which will involve passing 450,000 homes and represents capital expenditure of almost €500 million. Between now and the end of phase 1, the shareholders will have to decide what the scope of phase 2 will encapsulate. There is significantly more enthusiasm in the Irish telecommunications industry for the roll-out of fibre than when we started SIRO. We might have had an idea of what phase 2 would be three years ago but we will now have to determine again what it will be. We expect board shareholders to be ambitious about what SIRO has the potential to become in the Irish telecommunications market.