Dr. Peter Bacon:

I will again make the point. If one asks me from an economic point of view what is wrong with the Irish property sector and where it looks funny compared with property sectors in other jurisdictions, I would say it is the capital structure. They do not have access to long-term funds, which is equity. The property sector, more than any other sector, requires long-term capital. NAMA has brought some of that to bear, but there is no quoted entity collecting equity investment from investors to develop residential or commercial property in Ireland.