Mr. Brendan McDonagh:

The reality is that the capital that is coming in to buy assets in Ireland is mainly coming from the US through private equity funds. However, they know that there is not going to be quick turnaround here. Most of the funds that we have had discussions with take a medium-term view. While they will not be here for ever, they are looking at a five-year timeframe at least. As the economy recovers, they expect to be re-financed out of the positions they have bought by the recovered banking system. They take the view that the Irish economy will recover strongly over the next five years and that is how they will make a return.