Mr. Conor O'Kelly:

On the question regarding the ISIF commercial return rate, the rate varies depending on the risk of a particular investment. The essential number to bear in mind, which is the average cost of all of our debt, is 3.1%.

That has come down from approximately 3.4%. If one thinks of the fact that we have this debt over there and this cash here, we would certainly want to be making a return in excess of the average cost of our total debt. That means a 3.1% minimum return. Otherwise we would be losing taxpayers' money. Approximately 4% is deemed to be the commercial return, but it can be a blend. It can be lower and it can be higher.

As I said, the fund has some social housing component. First, the property element of the portfolio must be diversified. We have learned from the difficulties of having all of our eggs in one basket. As a fund, I would always advocate diversification across different sectors and different regions. There is a component of property that is appropriate for the fund and within that we are going to ensure it is diversified as well. Members have heard us talk about the NARPS initiative. That is a social housing initiative which could be very substantial.

I do not wish to comment on any individuals involved in the projects we have backed but when we put money into these projects - it is €325 million into that fund - the money is drawn down as it is needed, so we have not sunk it away somewhere. It is drawn down as it is required and only €60 million in total has been drawn down so far. Our proportion of that is approximately €35 million and we still have the rest of it. It is committed to them, but only if they can meet the criteria and only if they are going to build the houses and develop as their business plan suggested. We have all sorts of covenants which provide that if they are not doing their job, the money gets withdrawn and is brought back in. In terms of management and who they are, of course we require them to have expertise and experience. That is a critical component in any investment decision.