Ms Karen Murphy:

On the question of scale, which has come up repeatedly, we have conducted an internal survey that looked at the pipeline among some of our larger members. We estimate there are approximately 3,200 units in the pipeline for delivery by 2017. As with all development pipelines, schemes will fall in and out of that but we estimate the capacity of the sector has been growing, albeit incrementally, in recent years. Even if one considers the level of applications to the Housing Finance Agency, I note it has increased over the past year. I believe €180 million in applications are with the HFA at present, even though only €60 million has been drawn down. This is part of stage payments and the building process and will be drawn down over time. Moreover, up to €500 million is available there and it is to be hoped the particular pipeline to which I refer, the 3,000 units, can be built. However, the question regarding some structural barriers, such as the co-ordination of the schemes and access to sites, must be tackled now in order that from 2017 onwards, the pipeline will be built up in advance. It has been well stated that it takes 18 months to two years for a scheme to come to fruition and those structural barriers and, in particular, access to sites in a co-ordinated and programmed way should be considered because local authorities and public bodies have sites in their ownership. Were a programme in place in this regard, it would make a significant difference over the lifetime of the strategy because there is very little product available on the market at present from the perspective of acquisitions.

We need to construct - and to be planning for that now - in order to ensure delivery during the coming year.