Mr. Conor O'Kelly:

The National Asset Residential Property Services Limited, NARPS, model has worked because the approved housing bodies have not wanted to borrow more money for behavioural, capacity and other reasons, so the vehicle within NAMA has bought the properties for them. All they are doing is entering into a lease. They are seeing the demand, and they are in the business they are in, which is identifying properties for which they have a demand. The risk is taken and borrowing is done by the vehicle. That has proven to be successful. There are approximately 1,100 homes in the vehicle right now. It started off as just a facilitation, as part of NAMA's business, but the growth in the vehicle demonstrates that there is demand for it. That is why we are hopeful that might be the case.