Mr. Gerry Howard:

We started really to become aware of this as an issue in 2015. Irish section 110 properties only started to be sold in 2014. It would have taken a bit of time for that to filter through to the system. There might have been two rulings made but that was on small issues rather than on the substance of what was going on. It is important to note that section 110 companies generally have financial assets and do not normally take over real property. It is a difficult legal issue when one takes over distressed mortgages and the question arises as to whether one is taking over a financial asset or an interest in property. That is where the issue started to arise.