Ms Fiona Cormican:

I was looking for the figures on voids. We would use the UK valuation process. We borrowed €54 million from Legal & General, which is a pension fund. It used that process when valuing the properties we bought under that fund. It is not unfamiliar.

In Ireland, as Mr. O’Connor says, we are still using the red book valuation. That assumes that if units are to stay in social housing, they will have a lower value. That impacts on our gearing. We need a valuation system that helps us to value our portfolios properly, which would alleviate some of the gearing pressure. It will not solve the problem because we will still get to the point of a gearing issue eventually, but it would alleviate the problem somewhat. I would be in favour of us exploring it in some more detail.