Mr. Frank Daly:

I refer the Deputy to the strategy review carried out by the board earlier this year.

One of the key outcomes was our confidence about it. I will not go into all of the details on why this is but we have a very clear view now of our portfolio and where and what it is. A total of 71% of it is made up of investment-grade assets. A high proportion of our assets are in Dublin and Cork in very good locations. Most of our London assets are in the south east, which is a prime market. A total of 95% of our assets in Northern Ireland are either in Belfast or the east with very little in the west which would be the most challenging area. The results outlined today by the CEO with regard to our cash flow to date and our potential for future cash generation give us confidence. The other figure to be put on the table is the total impairment charge we have taken, which is €2.88 billion. Obviously nobody can forecast future impairment charges but we have taken the bulk of the impairment charges. I am sure there will be some in future along with the figure outlined by the CEO of unrealised gains. We considered it prudent not to include them in the balance sheet today.