Mr. John McCarthy:

I will take the last part of the question first. The drawdown of funds on an annual basis is related to project related costs and operated on a scheme by scheme and project by project basis.

Regarding financial standards, with the Chairman's indulgence, I might ask the regulation office which is based in the Housing Agency to respond. The interim regulatory arrangement that has been in place since 2013 has focused on three areas - governance, finances and, more recently, performance standards. The submission of annual accounts and so on is part of the voluntary regulatory process, about which Mr. Fitzpatrick might wish to say a few words.