Mr. Conor O'Kelly:

I do not have a view. The original plan was that it could help build up to 8,000 to 10,000 houses over a five-year lifecycle and then that money would come back and the fund would be recycled and it would be a permanent non-bank vehicle that could finance that on that kind of a cycle basis. However, when it was set up the financial markets were a bit tighter and probably expected that it would charge a higher rate or that there would be more demand for their service because there was not other money available. By their nature, by setting it up, this is what happens and this is what happened in the commercial property sector. The first real estate investment trust, REIT, was Green REIT which went on to the market and probably thought it was going to be the only available capital for a very long time. Yields on commercial properties were 8% and 9% and set to stay at that rate and there were going to be great returns for investors but, of course, other capital does come in and follow.

I am not saying this because we are an investor in the fund - I hope it is successful - but in the event of it having to meet other competition, that is probably a good outcome from the committee's point of view because it would mean more finance becoming available. I think that is what is happening. One is starting to see the situation loosening up a little bit.