Mr. John Mulcahy:

There is interest in the residential sector. In the research to which the Senator referred, and it is developing in the UK as well, there is a recognition that rented accommodation will be a bigger feature of the future than it was heretofore.

On a word of historical caution, the institutions did not interest themselves in residential mainly because they were afraid of unfavourable legislation. Now what they are really looking for, and what this country has a good record in, is a stable environment, in other words, that when they buy they can reasonably foresee what the outturn will be. We have that environment here and there is renewed interest in the residential sector. That is quite important because the mortgage sector is stressed.