Mr. Brendan McDonagh:

In fairness, no. To be honest with the Deputy, we have examined the cost of building across the market, including for projects that we are funding. On that €315,000 house, the builder is probably making between €6,000 and €10,000. That is not a large amount of money for the risk involved, given issues of development levies, the high cost of borrowing to build the product and the chance that builders will be stuck with properties if people cannot get mortgages to buy them. It is a difficult situation and unlocking it requires the sensible coming together of a number of stakeholders. This is a serious issue, given a demand in Dublin of at least 20,000 household formation units per annum.