Mr. Bernard Byrne:

This is part of the overall perspective on the financing needs of the developer community. It is important we learn the lessons of the past and the banks should and do focus on senior debt. Therefore, those aspects of the entire financing chain that really need significant equity contributions are where the market is more stuck at this point. I specifically mentioned in the land area what is effectively an equity arrangement rather than a debt-facilitated arrangement. It is equity risk as there is no path to cash, and if there is no path to cash, it is not really financeable by debt. That is the logic.