Mr. Frank Daly:

We are going to do that. The imponderable issue is that we have some pretty strategic sites in the remaining assets and loan portfolios. We have mentioned these in public. The Irish Glass Bottle Company site is a case in point. That will not be delivered by 2020. We also have sites around metro north and places like that. The value of those sites now is a fraction of what it will be when local area plans and infrastructure are in place. The question is what to do with them. Our view, which we stated at the annual report launch this year, is that it would be short-sighted to dispose of those sites now because NAMA will get better value for them after 2020. Not only will NAMA get better value for them, that will help to ensure that they are utilised in the best way for housing. This is a personal view and it is probably the view of the board. Some continued involvement of the State would be beneficial. That is the debate. We have a clear trajectory to 2020 regarding housing and the €3.5 billion in assets. Beyond that, there is probably more value to be got, but how to do it needs to be debated.