Mr. Nick Ashmore:

A wider cohort of Irish SMEs are facing intergenerational change. It is a complex process. It requires four to five years preparation in advance of the transfer taking place. There is a need for the right advisers and financing support. The role of the banks is important and local advisers are crucial. Equally, sometimes there are opportunities during these intergenerational transitions to reinvigorate the growth of these businesses and to move them into new areas. New management teams may have new strategies. We are interested, therefore, in supporting, through our investment funds, those types of transactions. We do have a company, Melior Equity Partners, that is active in managing in that space and it is often able to engineer a transfer of control with a pay out to some of the shareholders. Another manager in this area that we support, MML Capital Partners, has also been very active and gone after the cream of the crop in that cohort of businesses going through generational change. Some investors are interested in this area, therefore, but the number of businesses facing this challenge is far greater than the capacity we have to invest in them.