Mr. Micheál Mahon:

These are 2016 projects. They have either wrapped up or are currently on site. It is real, live data but, importantly, it is independent data; they are independent costs. We will have the report next week, and I will gladly go through the granular detail of that with the committee or any working group of the committee, but in simple terms the cost of providing a house is not very complicated and there are only so many key headings. To briefly outline the key ones, there is the hard cost of building the unit and, as our report will disclose, the actual cost of building the unit is less than 50% of the overall cost of delivery of a house to the public. There are then professional fees, levies, land and development costs, and the Part V levy associated with that, sales and marketing costs, and finance and margin, which we would put together in one bracket. The elements are there in terms of analysing them and we would gladly do that in granular detail with the committee once we have the report done, or we can talk about it today. That study is done. We can outline to the members what would happen if VAT was reduced to a certain proportion. We can outline in an independent manner the cost effects of measures that may be introduced.

That is the position on the construction cost side. Members may wish to ask questions later. I will hand over to Mr. Cleary.