Mr. Bernard Byrne:

There are two elements. One of the key issues is the availability of equity from third parties because the developers may not have it. A significant portion of the equity which traditional developers or builders had was eroded as a result of the economic crisis. We have learned the lessons from the crisis and the banks are putting proper structured debt arrangements in place, which reflect the appropriate amount of debt that can be taken. We will not put equity in or have equity-like instruments for such financing. Debt financing is generally considered to be available if one can put a structure together.

The second element which causes challenges for availability on the equity side is the uncertainty around some of the rest of the development pipeline and the time involved. The picture is complex. We have a €500 million fund available and are keen to deal with the issue. A significant number of developers have made good progress with us. We do not think the debt side presents a challenge, but we need a capital structure. The banks will not get back into the provision of the entire capital structure, as was the case in the previous economic cycle. Therefore, equity needs to be available.