Mr. Paul O'Neill:

Deputy O'Brien asked about the 70%. That would have been decided in discussion with Dublin City Council, which asked us to model on that basis, with the remaining 30% for social housing. We modelled on the basis of 25 years for the EIB. To be open about it, this was done last year. To go back to Mr. Baneham's point about interest for the Pathfinder project, it is looking at it on a longer basis, and that is what we are trying to do too.

It might be helpful for the committee if I go back to the point about timing. In St. Michael's, the design is being looked at; then it has to get planning; and then a developer has to come in. We are talking about years. We are aware of that, and it will be quite some time before we lock in that funding. Our role is to make sure that it is as competitive as possible. That is why we are looking not at the private sector but at what is available to the State, whether through the HFA or the EIB lending directly to local authorities. We look at whatever gives the State the best options.

Upfront capital funding was mentioned as a potential way to reduce the rents. We have looked also at interest-only portions of the debt in recognition that the assets have a capital value at the end of their life as well.