Mr. Brendan McDonagh:

The reality is that a number of housebuilders who were with us paid off their debt and brought their portfolio elsewhere. We do not build houses directly; we build houses by working with our debtors and if they pay off their debt then they move their portfolio elsewhere. We cannot hold them against their will. Once they pay off their debt, they have done right by the taxpayer and they can move elsewhere, but while they are with us, we give them considerable support to make the land more valuable and shovel-ready. That is the important point.