Mr. John Moran:

As I alluded to earlier, that type of investment was driven by two considerations. First, and believe it or not, with €3.6 million being traded, there simply was not enough opportunity in terms of supply in the Irish market in 2006. There was still a lot of cash washing around the system at the time so people were starting to seek better returns. There were better returns available in other countries, so people opted for them. People were also perhaps seeking to "de-risk" their strategies to some degree and said, "I do not need complete exposure of my property investment strategy to Ireland and I would like to take some exposure in London or elsewhere". In that context, people invested money in all sorts of God-forsaken places. There was an element of that involved and a certain proportion of it was fuelled by the same syndicators to whom I referred earlier and who needed to continue to build their businesses. As well as being active in Ireland, most of those syndicators were also active overseas.