Ms Rosalind Carroll:

It did a lease project that it had not thought through properly. It did not understand the project it had done. It did a lease deal for student accommodation, which had nothing to do with the social housing provision. The idea was that it would raise some money to help social housing provision, but in doing so it inadvertently started using the social housing assets to secure that deal. When the deal went wrong it put the assets at risk. We are trying to ensure that does not happen. While we will not be preventing profit seeking, so to speak, we would be safeguarding the asset.