Mr. David Walsh:

As the Senator knows, 21 local authorities submitted a total of 74 projects. The reason some local authorities decided not to was because we were trying to prioritise and identify large-scale developments that would need to be released early, we set a threshold of 500 units in Dublin and 200 around the country. Being realistic, the other timeline meant that they would deliver houses in three to four years.

Most of the local authorities came to our information sessions in the Custom House where we discussed this with them but some of them felt that even if they put a lot of work into it, they probably would not be able to deliver at the pace required. That said, the total value of the 74 projects we received in the middle of October was almost €800 million and we have a €200 million fund, so there has been a good deal of analysis and further engagement with local authorities asking them to prioritise and get behind some of the figures, understanding the phasing elements. That analysis is continuing. Any project over €5 million requires a fuller financial analysis, whether a multi-criteria analysis, MCA, or, in some cases, a full cost benefit analysis. That engagement and information flow is still happening but we believe we will find substantial and significant projects that can be funded this year, and we will kick-start major developments in some key sites.