Mr. Paul O'Neill:

On the modelling we have considered to date, the Deputy is right. There are different options and levers available to the State to make rents as affordable as possible. In the case of St. Michael's estate, we looked at long dated loans and having a portion of them interest only, for example. It is really about looking at the levers available to the State. We analysed them to make the product as affordable as possible without considering the private market and the additional equity requirements and returns, etc. We are considering this measure from the point of view of the State and how we can, potentially, deliver this model. To date, we have not modelled a subsidy or an upfront contribution. The Deputy is right that those aspects would contribute to a reduction in rents, as would, potentially, the serviced sites fund mentioned by him.