Dr. Robert Kelly:

In essence, any of these decisions which are to individual construction firms are commercial decisions. I am happy to comment on how we see the landscape in the financial system. There is a couple of elements to it. The commercial pillar banks or traditional retail banks have started to introduce more products where they are at the debt side of something which is equity finance. They have advertised some of these products. Small builders can engage with them. They will help them to find some of the equity we talked about earlier and they will match them to loans and provide some of the loan financing. We have the non-banking sector. We recently put out new data in our frontier statistics showing the non-bank sector has an ever-larger presence in supporting these smaller builders. They can view it and have more individual relationships and back certain products. That is the second element. We talked about this earlier, there is the State banking, which particularly targets, both through some of the ISIF funds to the equity channel but also in terms of some of the debt lending. Therefore, there are a number of avenues within the financial system to support builders. Of course, we can still go further and maybe we even need to think on the builders' side. We talked a lot in both opening statements in terms of scale. There are impediments to having this fragmented small construction sector. Bringing some of that together would remove some of these barriers to finance because they would be able to access it on a much wider scale and put forward more projects and portfolio projects. There are elements on both sides but the Central Bank itself does not necessarily oversee how the credit gets allocated to each of those sectors.