Mr. Brendan McDonagh:

The 10% obligation is the law and that applies to everybody. It is not my personal asset. There is a debtor who owes and who has borrowed the money to buy the asset. The debtor may be able to build those houses.

Let us say a debtor has a €10 million loan and we lend him another €10 million to build the houses, and he can sell them for €25 million, then he might be in a position that he can pay off his loan of €22 million or whatever the case is. He is only complying with his legal obligation which is to provide 10%. If the local authority gives him planning permission that stipulates he must provide 10% of the units for social housing then that is what he has got to do.