Mr. Patrick Daly:

On the shortage of warehousing, it is almost analogous to the issue with housing, in the sense that when the recession hit, no further warehouse infrastructure was built and in the same way that the recession caught us by surprise, the recovery has caught us on the hop as well. Quality warehousing for pharma and medical devices is in short supply. I have many clients in this sector and the shortage is very acute. It is beginning to stifle their ability to put in supply chain logistic strategies for their manufacturing businesses for the future. It will take time for that warehousing infrastructure to be built and my understanding is that both the banks and the developers are facing issues similar to those faced in housing. There might be a certain reluctance on the part of the banks to finance certain projects. Some multinational manufacturers are reluctant to invest in building their own warehouse facilities but they need and want warehouse facilities. They are beginning to develop creative solutions with developers-logistic service providers to build facilities close to their manufacturing operation and to work in lease-back arrangements where they change the capital expenditure, CapEx, expense which the corporate companies in the US and UK will not countenance to an operating expense, OPEX, in terms of an ongoing logistics cost. Some of the challenges are to have enough people who will come to the table and commit to building a warehouse and providing a service for the next ten to 15 years. We need to be cognisant of the fact that there is a block to bringing logistical infrastructure online in the private sector that perhaps we could look at addressing through creative logistics hub schemes that can have some public support also.