Mr. Brian O'Gorman:

At the moment, we develop on 100% debt. We lend from the Housing Finance Agency, which is a subsidiary of the Department of housing and we also get a CALF or CREL payment in this case of cost rental, which again is repayable at the end of the loan period. The whole thing is 100% debt. It is not a sustainable model. Most AHB boards have at the most an 80% gearing limit, or debt as opposed to assets. To compare with many of the REITs, they also have gearing limits and theirs are in the 60s. It is because of the P and A, payment and availability, nature of the payment that lenders allow us to go higher as in a sense it is a Government-backed payment but really, 80% is too high anyway and most boards would not want their organisations to go above that as it is too risky.