Mr. John Coleman:

Indeed, no problem. We are differently funded from the AHBs, which fund their cost rental through a cost-rental equity loan. It is a high level of gearing and is repaid over the very long term. We are not funded by debt. Today and next year, we are very unlikely to have debt. It is all equity. Why do we charge a certain level of rent? It is largely determined by Government policy in the area. We fund it by, where the LDA buys a home, it calculates the minimum level of return it needs on an ongoing basis. The reason for that is around state aid protection. There is a minimum level of returns. That level, without going into details because it is a sensitive issue for us and there is risk entailed in it, is a minimal return. The objective, every time we look at our financial models, is to work out what the financing is.