Marc Ó Cathasaigh (Waterford, Green Party)
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Very good. That is a more than satisfactory answer. I was not sure whether it included the CEO grade or not.

I want to ask another question arising from the annual accounts. Waterways Ireland is running this €3.6 million deficit, but it has €10.7 million cash on the books. It just seems like a lot of cash. I would have an issue. I remember serving on a board of management in a school. There would not have been that level of cash. Having that much cash lying around is not always a great idea. Can Mr. McDonagh explain to me why there is a need for a cash reserve of that size?