Mr. John Kelly:

It did not invalidate the contract because the contract drafted subsequent to the governing authority’s approval was correctly drafted from the perspective of the solicitors acting for the university. They drafted according to the instructions they were given, which were for a contract worth €11.9 million. There was reference in the presentation given to the governing authority to a rental agreement, with rent to be paid in tranches in parallel with the tranches to be paid for the Rhebogue development. However, when the contract was drafted, rent was treated as capital. There was actually no rental agreement in place. The contract effectively treated rent as capital, adding a further €1 million to the cost of the properties. The governing authority approval was for €10.9 million, not €11.9 million.