Mr. Brendan McDonagh:

There are two issues. If a debtor comes to NAMA with a proposal indicating a commercial return, and if we have a good working relationship with that debtor, we will provide funding if the business case stacks up. We are anxiously seeking debtors to make proposals to do that and we will continue that process. With regard to debtors not in NAMA, some of my colleagues attended a conference this morning which had speakers from the two main banks. They are outlining a number of factors. They are not really interested in lending money to people to buy development land but if they are to lend to people in order to build houses, they would typically provide 65% or 70% and the developer would have to provide 30% equity. That can be difficult.