Mr. Seamus McCarthy:

The same kind of issue arises with other accounts but Fáilte Ireland treats it differently in its financial statements. It has four pension schemes. For three of them, it believes it has a statutory basis to recover the funding to meet the liabilities into the future. One of the schemes does not have a similar statutory guarantee of provision of the funding. The value of the liabilities in respect of that scheme is approximately €144 million. That is an estimate. That puts Fáilte Ireland into a net liabilities position on its balance sheet. However, it takes the view that it will be able to meet the liabilities. In a way, it is a little anomalous. It expects it will get the funding but does not treat it as a receivable into the future. Almost all other State bodies that are in a similar funding position assume that they will get the funding into the future and, therefore, recognise an asset. This is an anomalous accounting position. Fáilte Ireland's position is not different.