Mr. John Hannigan:

Yes, it is, but it is not the defining factor. The requirement is from a business perspective. They are businesses as well as charities. The requirement is to spread the risk in terms of having a single funder. At this time, a large proportion of the funding comes from a single funder. It is and operates as a bank. Therefore, it has all of the same risks as any other bank might have, even though it is State-backed. I have worked in the UK and Irish markets in respect of social housing for a long time and there are other mechanisms by which funding can be obtained at a much lower rate, which would be beneficial in the delivery of social housing in Ireland. These models are different from using HFA moneys. Getting it off the balance sheet is a factor. It was off the State's balance sheet, but it is now back on it. It used to be that for every euro the State invested in social housing, the AHBs could generate €3 to deliver three times the amount. This may be more restricted in the future. It is not definite yet, but the signs are that it is likely to be restricted, particularly when there are potential overruns on one particular type of project versus another on the State's balance sheet and given the longer-term impacts this may have.