Mr. Joe O'Reilly:

Well again ... it's a bit like, did we build too many houses? We, we were building 90,000 houses at the peak; it's all a question of where we built our houses. You know, Dublin, Dublin required, sort of, 15,000 to 20,000 houses. We, we got there somewhere close to the, you know, 2005, 2006. The problem was, on the housing side, that a lot of the houses weren't built were they were required and in the same way, it's the exact same thing, it's the, it's the identical situation in relation to shops. So, we have built shops and, and shopping centres where the demand wasn't there, where people didn't do the proper research, the catchment, you have to ... when you're, when you're looking at a shopping centre, you have to understand what the catchment is, you have to understand what the potential spend is in that catchment. And from that then, you analyse and you're able to determine the demand. The demand then in turn helps you to, to identify what the turnover ... that turnover then helps you establish what the business model is and that all feeds back into, that all feeds back into what your business strategy and your proposal is likely to be.