Mr. Nick Ashmore:

ISIF’s focus is on working on the commercial side of the line. A lot of Government programmes are focused on the non-commercial provision of low-cost, affordable, cost-rental and social housing. We tend to work more in terms of trying to enhance the market for the private sector provision of mass market housing. We invest up and down the capital structure. We have a large-scale programme with Activate Capital of approximately €500 million to put into senior debt. It competes with the banks to provide senior debt for developers. We have a programme around mezzanine debt with a firm called Cardinal. We also have equity provision with the likes of Pearl, which does small-scale equity for small-to-mid-sized developments.