Mr. Brendan McDonagh:

Rental income was heading towards an expiry date because leases expire over time and the question arises of whether they can be renewed at the same rents. Almost 20% of the portfolio comprised lands from which we had no income. We had a challenged portfolio with small value assets requiring considerable work. We had also engaged with debtors over four years in an attempt to maximise the recovery on the portfolio but the situation was not improving.