Ms Marie Hunt:

From an international perspective, there tend to be three very distinct sectors. There are developers who provide the product, occupiers who occupy it and professional investors who come in and buy the income-producing asset to throw off returns. In Ireland, because there was an availability of debt, many developers built the stock, got it let up, and then held onto it for their own personal investment. That would be quite unusual. We would have been asked consistently why there were not more shopping centres trading in Ireland given the amount we were building. In most other markets, they would be built, let up and then sold on. In Ireland, they were built, let up and then the developer held onto it as a personal investment and invariably used it to borrow and develop again. That was quite unusual and that was what I was pointing out.