Mr. Nick Ashmore:

Within its full thematic strategic areas of investment ISIF has climate investing, of which a large component is renewable infrastructure and renewable power generation. In our housing and enabling investments team we also do small-scale infrastructure financing, but very much on a commercial basis. We will step in where market finance is required, maybe where the market is not stepping up, where it may be a slightly higher risk, or where it may be at a slightly earlier stage. The longevity and persistence of ISIF means there is always going to be a commercial offering there to provide finance to small scale infrastructure but it is not a replacement necessarily for Exchequer funding of infrastructure. It is more complementary to this, to make sure that where market funding can deliver infrastructure there is a market and that we can support and encourage that market.