Ms Sharon Cosgrove:

The gearing threshold was at 60% and there has been a relaxation or, I guess, a proportionate approach to regulation. It still causes some concern at a board level in approved housing bodies. In our own, the board set a risk appetite of just over 70% gearing and we are very close to that. There is a risk that we will slow growth and delivery, as opposed to accelerating it at this time, when it is needed. The grant issue is real for approved housing bodies. Shall I speak to the review question?