Mr. Brendan O'Connor:

Typically, a bank would fund about 65% of the cost of a building project with senior debt, with the remainder being equity. There was an issue with equity in the market in the past few years.

It seems to have eased and there are now a number of funds which specifically provide equity for building projects. In our management of customers in difficulty we also provide working capital to finish off developments and have recently established a specialised property lending unit to make sure these funds are put into the productive sector for construction and development. There is a return of equity in the market.