Mr. D?nal Traynor:

There is a similar history in Community Finance Ireland in the Republic. We have unique status in that we operate on an all-island basis. Since we started lending in the Republic, we have put €47 million on the ground. We have lost €47,000 worth of capital in those 15 years. On who takes the hit, we go into these deals with our eyes wide open and look at them on the basis of repayment capacity first and foremost, without the need for personal guarantees. At least 50% of the lending we do is totally unsecured. Some 25% is secured in nature but there is no real commercially realisable asset behind it. After that, the other 25% would have some tangible security behind it. Ultimately, we go in with our eyes wide open and, generally speaking, as Ms Buckley has alluded to, we lend to organisations and communities on the basis of what they need to have rather than what they would like to have. These are communities that need infrastructure in place and they move heaven and earth to ensure the loan finance is repaid and their good name remains intact.