Dr. Mark Cassidy:

It will begin to manifest itself much more in the coming years because the previous pipeline finance will come to an end and a significant increase will be required. Housing targets will not be met without a significant revival of the apartment sector. The important issue is that there is very little demand for owner-occupied apartments because they are essentially not viable. They are not affordable except for highest-income borrowers, and those highest-income borrowers are not looking to buy apartments. That is where the opportunity is for development of apartments. That is why that is so important. That is absolutely dependent on the inward flow of capital investment.