Mr. Frank Daly:

One is also talking about the investments that we will make between now and 2016 or wherever which certainly will give us a yield beyond that. In saying today that we are confident that we will repay all our senior debt by 2020, we have done that on the basis of a very detailed look at projections right out to 2020 in respect of every one of our NAMA managed debtors. It is not a theoretical exercise or anything like that. It is a very hard look at cashflows, sales projections and the timing of those right out to 2020.