Mr. Bernard Byrne:

What we clearly have is a significant shortage of supply at this time and it is causing an elevation of what is happening on the rental side. It is increasing prices for that scarce supply. The level of debt to fund it is modest because a significant number of cash buyers are in the market and because of the prudential rules on the residential side, it is not resulting in people being stretched. On the commercial side - this is also part of the question - the level of equity involved is very significant in terms of individual players and positioning in the market. In terms of the off-take, the covenants and positions are looking pretty good. I am not somebody who would ultimately call it as to whether there is a bubble, but, in terms of the conditions at this time, I do not believe there is, particularly based on historical levels and affordability levels.