Mr. Ian Talbot:

Companies potentially have plenty of options to borrow money at an interest rate. It is then about the need to balance. For example, a lender will say it is only prepared to put in 75% of the project and equity needs to be raised for the other 25%. There are things that might be relevant, such as the discussion in the budget yesterday about the review of the treatment of interest from a tax perspective. There is not much presence of private equity firms in Ireland in the way there might be in the UK or the US. That is because the market is not right for that sort of investment. That is why we keep talking about the need to look at things like capital gains tax, the ETF issue and so on. The equity component is really key. There has been too much focus on the banks and lending, but it is the equity component that is also important for fix, and there is not a lot of talk about that.