Mr. Brendan McDonagh:

In terms of our portfolio, what we had was units that we acquired which were built or half-built, and we had to finish them out. We offered more than 7,000 units to the local authorities and AHBs and they could only confirm demand for 2,600 of them. We offered as much as we could within our portfolio. It has been well documented that by the time they came back and made a decision, about 2,000 of those units had already been sold by the debtors because there was a demand for them in some areas, but the AHBs, the Housing Agency and the local authorities rejected a further 2,500 for their own reasons.