Mr. David McRedmond:

I thank the Chairman and members for having us here. I appreciate that the committee had to postpone our appearance on a previous date. That happened because we were announcing the closure of the Cork mail centre and it was of the utmost importance to us that we told the employees first. I appreciate the committee's consideration in that regard.

As the committee will be aware, An Post's strategy over the past three years has been to evolve into two businesses, namely, the mail and parcels business, of which Mr. Garrett Bridgeman is the managing director, and the retail business, which is the post office network plus An Post Insurance and An Post Money, of which Ms Debbie Byrne is the managing director.

I have submitted an opening statement which I will take as read. We are here to answer members' questions.