Mr. Richie Boucher:

We see it as an important sector. We think lending to that sector must be balanced and kept as a proportion of our balance sheet and that we must manage the risk. Nevertheless, it is a sector in which we want to participate. One of the key ingredients that may be missing in some instances is equity. We will provide 65% or 70% of the finance, but if we end up with equity in a business, things have gone badly wrong for us and the customer. We are not equity providers. I will set out a simple sum. If we provide €1 in equity capital, that deprives us of €10 worth of lending capacity because it is like for like on capital; there is that multiplier impact. In addition and to be quite frank, we do not have the skills set. We hope we have a better skills set in lending, but it is quite a different skills set in the case of equity. We are seeing funds coming in with mezzanine debt, which is higher coupon and a more risky form of debt; therefore, if we provide a figure of 70%, one will have a mezzanine provider who will have a much higher debt and provide 15% but one still needs equity of 15%. However, I do see funds coming in.