Mr. Michael O'Flynn:

There's no question, and that's my comments earlier on Construction 2020. We've no prospect of delivery. There's no prospect of implementing that policy that the Government have put out there, unless somebody sits down and starts analysing both sides of the line here, because the cost, as you say, and some of those regulations I am in favour, not some of the local authority extra regulations that have been put on. But we ... the planning issue, like we've a serious planning problem in this country in terms of having planning applications processed at a reasonable time period because the longer it takes to get planning, the longer ... the more it costs at the end of the day.

Like, cost goes somewhere. They all go on to the end purchaser. And, to go back to Deputy Higgins' point, we have to build affordable houses and we have to look at all the factors, and I'm talking about not just the VAT and the development levies and the contributions, obviously, the Part V, the social, we have to look at them all. I mean, we've no social housing policy in this country to deliver housing and putting some of that, albeit integration is desirable, over on top of people who are saving for houses is wrong. And that's an issue that I said in my closing of my earlier statement, Chairman, I think the future and how we're going to solve, we must learn form the mistakes but we must also come up with a workable business model for development because the equity players, who are essential to the business going forward, will not invest unless it works. And the banks certainly won't invest. And we still haven't cracked that vital piece of mezzanine finance that's probably going to be necessary from here on. So, we had an unsophisticated model in this country when it came to development. It came back to cost us dearly, but we have to come up with a model that's going to work or we'll be here in two or three years' time still talking about the problems.