Dr. Michelle Norris:

To reiterate the commitment expressed by Mr. O'Leary, we have an open mind about the prospect of entering into discussions with the Department about the use of the relatively short-term reserve we found on the books for this year and next year.

Regarding the Chairman's two points about the shared ownership scheme, my understanding is that one of the problems with the shared ownership scheme is that by the time the borrower has funded the mortgage on half the equity plus an income related rent on the other half, the total repayment was the same as if they had paid a mortgage to buy the property.