Ms Rosemary Fogarty:

We set out a lot of detail in the president's report, in the financial statements and in the notes to the financial statements, on the basis of which we are relatively certain that the asset is recoverable. It is a matter of judgment. It is matter that the Comptroller and Auditor General has drawn attention to in his audit report. It is a matter to which PwC, which audits the accounts on behalf of the governing authority, does not draw attention because under FRS 102 it is satisfied that it is fairly certain the asset is recoverable. From discussions with the Office of the Comptroller and Auditor General, although we do not have an audit report yet, it is taking a slightly different view on it for the coming year. That is next year. We are satisfied the pension asset is recoverable. It is legally recoverable under the new single pension scheme. It is a pay-as-you-go scheme. If it was not, and if a professor applied for a job at UL after working for 30 years in UCD, we could not take on that person because we would take on their 30 years' pension rights when we employed that person. It would be inoperable. This is an example of how it would translate if the asset were not recognisable.