Mr. Andrew McDowell:

I thank Deputy Ryan for the questions. On the pipeline issue, I really hope that we can hit the full €1 billion euro lending target. This number does not just reflect what is available. It is actually based on a clear pipeline of projects that we are currently negotiating with promoters. At the end of the day it is up to the promoter to decide when they are ready to sign, though we obviously have our own due diligence processes.

It is also up to them to decide when they want the cash disbursed. We are very much in their hands. When it comes to projects such as the Dublin Institute of Technology, DIT, campus at Grangegorman, which is in our pipeline and in regard to which we are proposing to lend a very large amount of money to its public private partnership, PPP, structure, we are very much in the hands of the Irish authorities in terms of issues that have been holding the project back. However, it is included in the €1 billion facility that we have available for Ireland. Whether it can logistically be finished before the end of the year depends on several legal and other processes taking place in regard to the project. That is an example of the type of issue we face on several projects which may have planning or legal issues that-----