Mr. John O'Sullivan:

The skill is to extrapolate the value of the owner occupied properties from those that are actually leased. That is why, when we pick up on a lease from the Revenue Commissioners, the Property Services Regulatory Authority, PSRA, or directly from the occupier, we analyse that lease in great detail and we go and look at the property. Our main method of assigning valuations is by comparison. We are always looking to treat like properties alike, which is only possible where we have hard evidence that we have analysed down.

In terms of the percentage of properties that are leased, that depends on the activity out in the market. The PSRA probably knows and I could get a figure from it.