Mr. John Trethowan:

I will start with the Strategic Banking Corporation of Ireland, SBCI, loans that are being made by the banks. As I said before, the bank holds the risk. The SBCI provides cheaper funding. Typically, it is around 4.5% and banks will charge perhaps around 6.5% or 7%, so it is a cheaper form of funding. The credit risk still remains with the bank. If the loan goes wrong, it is a bad debt for the bank not for SBCI, so it is held on its balance sheet. Some of the SBCI money will now start to be put out through alternative lenders. I have some information on a slide from the presentation relating to purchase of stock right through to customer payment. One can see there are a number of players at each stage of the business cycle. Some of those companies will now start to get some of the funding through SBCI. They will have to be approved by SBCI but there is more than just the four banks that are making SME lending.