Ms Imelda Hurley:

In terms of the fund, the fact there are existing forests as part of it and the why of it, to be clear, our reason for being involved in the Irish strategic forestry fund is for afforestation purposes. However, the reality in terms of a fund of this nature is that the type of capital that is needed is very long-term and low-risk. It tends to be a pension fund and that type of investor. They are looking for risk diversification. They are looking to ensure it is not just new forest but also to diversify risk and to have a broader set of age classes. They are also looking for an ongoing return, a sort of annual return, so they have the money to pay pensioners. We need that mix in the fund in order that the whole thing works. To be clear, however, our primary objective and our involvement is very much around enabling afforestation.