Mr. John Moran:

The reality is that most international investors never even looked at Ireland. I think one has to understand as well that the real estate market in Ireland is actually quite small. We have 40 million sq. ft. of modern office space in Dublin, compared to 400 million sq. ft. in London, for example. International real estate investors generally seek markets where there is scale. In the period 2002-07 it was the first time ever that the Irish market had shown any signs of scale. There are a number of international investors who will not invest in a market unless it trades at least €2 billion a year, so it simply was not on their radar screen.