Professor Patrick Honohan:

A lot of this is way outside my territory, as the Deputies will realise. A number of Departments are working on their aspects of the problem, but there is an issue with the supply of accommodation in the Dublin area. The supply side is the important element to solve. That requires builders, land, planning approvals, ensuring, according to experts I have talked to, that some elements of design and building regulations introduced in the good times - one could say we did not actually need those - which add to the cost and slow construction are dealt with, and tapping into the availability of foreign equity funds. Deputy Matthews talked about a 6% or 7% return on property. There are many people in the United States and elsewhere in world who are looking for 6% to 7% in private initiatives - I do not know whether NAMA can be a broker in some of this as well - to channel some of that money, and it would not take all that much to fill the equity gaps for builders. The delays are coming from a wide number of areas. I know a number of Departments are working on them, but one would have expected that after six years there would be people ready to go - planners ready to say "Here is the area in which we need accommodation and these are the requirements, and while they are sufficient, they are not as lavish as they were in the past."