Mr. Bernard Byrne:

With regard to property, we agree with the general point. There is a need for finance as part of an overall mix to try to move forward the construction of new homes. There is a clear demand; we can debate the number, but it is more than 20,000. We see ourselves as being very keen and anxious to support this development. As Mr. Burke mentioned earlier, we have a fund of €350 million. One of the main reasons for the fund was to state that we are keen to lend and support development. Another important element is the availability of mortgage finance at the far side, so developers know mortgage finance will be available after they construct housing. We are very keen to show the size of our commitment in this respect. We are very active in the market and we have campaigns to show we are lending, open and active. A total of 80% of all mortgage applications are approved. It is important for the developer to know there will be a financed end-user market.

We are working with many developers to establish the point at which they are comfortable. There is anecdotal and media evidence of equity being available domestically and internationally to support developers. There is also a Government initiative on NAMA and the overall freeing of property into the marketplace to support it. All of the bits are coming into place. There are planning issues and infrastructural issues associated with the development of sites which need to be progressed. We cannot help in this respect but we can state we are very much open for business, we are happy to support development finance in the short, medium and long term and we will be available to provide finance to many new buyers to complete the project. We see this as a very important activity and we are keen to support it. The fund is an element of this support.