Mr. Brendan McDonagh:

It is unlikely that we would go into joint ventures with somebody and give 100% of the funding because we have existing debtors from whom we have taken, effectively, all their equity as part of their encumbered assets, which is over €900 million. We do not want to get more people into us who want 100% finance from NAMA. There are a number of people with equity who have expressed an interest in joint ventures with us and who would be capable of putting in 40% to 50% equity.