Mr. Brendan McDonagh:

There is probably a need for more social housing to be built for all sorts of reasons. Unfortunately, there is only one funder of that, which is the State, no matter how it is done, whether through long-term PPP or upfront payments. We were in a bailout and the country was operating within strict fiscal parameters and it continues to be that way. We have assets and if whoever buys those assets, whether a local authority or the private sector, has planning and can build houses, somebody's capital has to be used. All I am saying is there clearly was a shortage of capital in the public system.