Mr. Brendan McDonagh:

By capturing all the rental income, we have improved the position. At present, our recurring income is running at approximately €100 million per month or €1.2 billion per annum. As a result of the fact that our operational and interest rate costs are quite low, if we never sold another property, we would still have surplus cash per annum of €700 million. If we sell properties for between €3 billion and €4 billion next year, we will probably knock the best part of €150 million to €200 million off-----