Mr. Kevin Johnson:

No, we have not established one. I want to be clear. We have, however, over the past two years done considerable work in understanding what is required and how it could be set up. To be completely transparent about this, we have done everything other than seek final approval from the regulator for that. All that work is there and can be done. As I said earlier, however, what is the point in hitting the go button and incurring the cost if there are no projects? That is the real dilemma.

One of the things that should be said is that when the regulations - and a lot of work by many people went into developing those - were commenced by the Central Bank, only a month later the classification of the tier 3 approved housing bodies changed. In fairness, that is a game changer as well.

There is another issue. Wherever the funds are sourced, be it the Housing Finance Agency, HFA, credit unions or other private sources, it all counts as being on balance sheet. The approved housing bodies are now going to find themselves restricted by how much they can borrow because of that and we know the knock-on effects of that.