Mr. Ronnie Downes:

I can certainly talk about some of the developments that have taken place on the public spending code when it comes to putting a figure on capital projects. We have had some experiences in the past where early guesstimates and projections have become crystallised or maybe have taken on a life of their own in public discourse as though they were some sort of analytically based sound estimates and projections for capital projects, which is not always the case.

Part of the guidance in the new public spending code is to be more circumspect about the bands and the nature of projections at any point in time, and to ensure that the various risks to project assessment are suitably factored in. The experience nationally and internationally is that there may be a figure in mind at a very early stage when a project is at the conceptual stage but then issues, complications and inflationary factors arise, and things move in a different direction. It is only at a certain point in the process that those risks can be stripped out.

The Chairman also mentioned valuations for holdings. I would not be an expert when it comes to holdings of stocks and shares and things like that.