Mr. Conor O'Kelly:

It is unfortunate that it happened. Our policy invariably is to hedge our exposure outside the euro. We bought a fund which was in dollars, but it was not designated or marked on one of the spreadsheets as such; rather, it looked like it was a euro fund. We discovered the mistake and brought it to the attention of the Comptroller and Auditor General. When we discovered it and went to put the hedge in place, the dollar exchange rate had moved against us, unfortunately, and it cost us €750,000. Had we done it at the time, the investment returns would be €750,000 more. We have since closed the gap in that process, which essentially resulted from human error and a process that had a weakness. We fixed the weakness and are confident that such a situation could not arise again.