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I would like to share with you a press release by the Association of Directors of Adult Social Services, which clarifies some of the incorrect reporting of recent months.

"THE ASSOCIATION OF Directors of Adult Social Services has moved to reassure care home residents, the public, and politicians of their faith in the long-term security of Four Seasons by circulating a second Viability Analysis* of the care home provider's place in the care market. Four Seasons took over the running of some 140 Southern Cross homes after the latter failed. In all the company runs some 455 care homes.

According to ADASS President Peter Hay: "We have been concerned for some time now that ill-informed comments to the media could have been at best unsettling, and at worst unnerving, for many elderly people. The Viability Study should go a long way towards reassuring all 20,000 of them that their homes, and their futures in those homes, are safe and secure."

He acknowledged that the Analysis confirmed what was already known: that Four Seasons carries substantial debt even following the rescheduling exercise it underwent recently. However, he said, the study also shows that the company's revenues are solid; occupancy rates higher than the average for the industry, and that the debt ought to be managed in an appropriate and satisfactory manner before the end of this year.

He went on: "Four Seasons have been fully transparent with our analysts. They have made all relevant figures available and indeed, have posted them on their website for all to read. Throughout the exercise they could not have been more helpful, open and informative about all the main factors that impinge on operators in this market.

"The company stands as a beacon of transparency, lighting the way that I wish and hope all others will follow as our sector begins the long task of solving issues concerning the proper scrutiny and regulation of company finances. These companies are relied upon by thousands upon thousands of residents - both state-funded and self-funded - for peace and tranquillity as they grow older.

"It is vitally important for everyone concerned to be reassured that companies providing care are financially stable. And that where instability might be on the horizons, local authorities have the means to spot the signs early, and be able to act promptly to make sure the residents involved are as safe and secure as they ought to be."