Ms Marie Hunt:

The rationale for going to the UK in the first place is that it is quite a similar market to our own, so not only is it English speaking but the covenants and the lease structures are quite similar, unlike going to the rest of Europe where the lease structures are radically different. It was a market that was easy to understand and from a banking perspective also it was quite similar, so it was the natural progression for people to go into. Also, there was much more produce available compared to the small Irish market. If we consider the types of assets the Irish investors bought, as I said, they tended to buy office and retail properties in preference and they tended to buy very high quality so they bought Bond Street retail properties and West End offices. They did a little bit of investment in regional UK but most of it was focused in central London.