Mr. Seamus O'Loughlin:

I have a very good understanding of the regulatory model because I worked in asset management and I was involved in revising the PR3 submission. Given the recession the country was going through we had to pull back on an awful lot of projects. CRU might allow us €20 million but if we cannot raise the capital on the international bond markets it does not count for anything. Replacing the fluid filled cables in Dublin does not generate an awful lot of cash and it is very resource heavy from a management perspective. It is far easier to build a €100 million substation in Kerry because it can be contracted out and put on the regulated asset base, RAB, whereas a cable outside this door is heavy on management resources and it might only add €2 million or €3 million to the RAB at the end of it.