Mr. Frank Daly:

And I think, perhaps, the point I should have made in response to Deputy Higgins was that why it is a good thing that some of these funds are coming into Ireland is that it is bringing equity funding into the market. And part of the problem that was in the property market here over the years has been the almost total reliance on bank ... bank debt. So I think in future if you have a mixture of that, of equity and debt funding, you are getting away from a vulnerable model and you are getting in some of these investors, the type of ones that Mr. McDonagh has talked about, that they have a longer-term horizon. So you get a more stable involvement and, crucially, when they buy properties they invest in them and they develop them out and they refurbish them. And that is creating activity in the construction sector as well.