Mr. John O'Beirne:

There is much more activity now. There seems to be a step up in house building but it is a challenge to get to the 40,000 units which are needed. There will be constraints, such as with the availability of skilled labour, which will affect the process. On the demand side, the housing market is starting to normalise and we are getting back up to 3% liquidity. It used to be 2% but it is now 2.8% and that is what people deem to be normal. There were 54,000 home purchases and 15,000 home constructions and there has been good progress in simplifying some of the regulations, in particular some of the obligations around house building.