Mr. John O'Connor:

We purchase and typically sell to approved housing bodies. We also act as an intermediary for local authorities. It means a bank with a portfolio of properties can come to us rather than to have to speak to 31 local authorities or a lot of approved housing bodies. We get the portfolio and ask each of the 31 local authorities which of the properties are suitable. We then go about trying to buy those properties. They are either bought on behalf of local authorities or bought and sold on to approved housing bodies.