Mr. Conor O'Kelly:

Deputy Cowen is absolutely right. The financial model we have used in the past for house building is not appropriate for the future. In the UK, before the crisis, 25% of homes were built by publicly quoted house building companies; today it is 75%. They have seen a big shift. Today they are still building the same number of homes as they did in 2007 but they are built using a completely different financial model. Ultimately, we will have to see that kind of institution exist - permanent financing vehicles whose business it is to own development land, build houses, and planning. They take the risk and are in it for the long term irrespective of the cycles. It tends to lessen the volatility of the cycle when participants are doing that. If we are to have a better functioning housing market in the long term, we will need to see those kind of publicly quoted vehicles and private vehicles established.