Mr. Joe Dolan:

It is unquestionably a capacity issue. There are simply not enough rooms. Some people actually confuse rate and capacity. I have had people approach me who were very cross because they simply could not get a room. The issue is not the price, it is the availability of a room. I have seen people who had to bring a child to hospital and who could not get a room within any reasonable commuting distance of it. That is a capacity issue. As Mr. Fenn said, the big problem is the lag time. It is two years from the paper stage to getting a shovel in the ground in Dublin. That is the issue. In Belfast, it takes six months. One has all the issues in Dublin that hotel developers come across. The planning system is a joke, there are height restrictions and there is very limited availability of sites. One is competing with office and residential developments where the yield is faster and larger. Those are the things that mitigate against hotels coming on stream at a faster rate.