Ms Anne Marie McKiernan:

I thank the Senator for the offer to take forward any legislative proposals we might have. We seek to use the regulation-making powers available to us when it is appropriate to do so. We already have specific plans in regard to the forthcoming investment regulations. I referred earlier to one area of prospective legislative change. As the issue and principle of the common bond is very important to the sector, I am not proposing any specific changes therein but I am acknowledging that the common bond in its current form has limited the sector's opportunities to engage in lending for social housing. If the sector wishes to take a different approach to lending for social housing, a change in the common bond will be required. It has gone down the investment route because the lending route is not available.