Mr. Eoin Dorgan:

I think we sent the committee information on the French example of affordable housing provision. Deputy Coppinger is right that it is difficult to keep social housing provision off-balance sheet. In France, the focus is on affordable housing and the generation of a sufficient commercial return through the charging of near market rents to service the debt. It is a €2.3 billion fund which comprises €500 million from the European Investment Bank, EIB; €1 billion from the French State and €800 million from private debt investors. This is effectively a subsidised housing model which is affordable because of the requirement of a sufficient commercial return to be generated to finance it.