Mr. John McCarthy:

There was a basic regulatory system in place in 1992 under which various requirements were set out that a body had to meet before it could be given approved housing body status. Obviously, the world has moved on significantly since. Rather than wait the length of time it would take to get a legislative regulatory regime in place, we put a voluntary system in place. Instead of there being no regulation, there is a voluntary regulatory system in place. To receive funding a body must subscribe to and go through it. We had discussions with some of the Housing Agency representatives earlier on how the process worked.