Mr. Conor O'Kelly:

In respect of NARPS and the PPP question, the possibility of having a larger and quite ambitious version of NARPS is a runner. I think the AHBs are the current preferred supplier of houses. Obviously, under Part V, new developments could go into the vehicle. It could be open-ended in that regard. In respect of the question of whether there is a right to buy at the end of the period or who owns the properties, under the NAMA model, the tenant has a right under the lease to buy back the property after 14 years. I will certainly take that away and have a look as to whether one could build something like that into it. I do not see why this could not be done. It just changes the nature of the vehicle but one could put anything into how one structures it. It just needs to be attractive for investors but I do not see why that would be a problem.