Mr. Conor O'Connell:

It is probably a recent enough phenomenon. Previously, in times past, it would have been the pillar banks that were providing the finance. We all know what happened there. The pillar banks have gone out of the market, certainly in being the sole providers of development finance. That 10% to 15% margin came into play in the past five to six years, possibly a little longer, when investment funds started financing development. Some funding is mezzanine finance, mixed with the pillar bank finance. The margin is there to cover the risk and we have seen why in the past number of months, if not the past two or three years. Construction is a very risky business. It was shut down for a considerable period. Financiers want to cover that element of risk, which is why they are looking for that level of margin. In recent times, unfortunately, that has been needed.