Pat Casey (Wicklow, Fianna Fail) | Oireachtas source

It is an important point. In most European countries, social housing stock is off-balance sheet and there are various different ways of achieving that. Most of ours is on-balance sheet because the local authorities carry the debt. I am going back to the indirect vehicle we are talking about. What I am trying to understand is that it is the approved housing body that receives the money, which makes it off-balance sheet, whereas the local authority is on-balance sheet. However, in this case we are looking at the vehicle as being on or off-balance sheet so the formation of the vehicle is critical, not where the money goes to. Is that the point Mr. Carville is making?