Dr. Larry O'Connell:

It is very difficult for us to answer the question about transparency. It is a key issue but I find it difficult to comment on the specifics about whether there will be oversight. I share the Deputy's concern. With any body like this, there needs to be oversight. The fact that affordability is part of its core function helps protect against some of the potential excesses involving profits and joint ventures about which the Deputy is concerned. If they are in the service of affordability, there are fewer concerns.

NESC would have looked at the issue of infrastructure because it is often a key bottleneck. Going back to the point made by Mr. Cahill, getting funding for some of the infrastructure and creating the means to put the infrastructure in place are critical. The LDA's ability to bring together some of the providers into the discussion about particular sites is an important step forward in that it will have that capacity to convene actors on the State side.

Regarding being on or off-balance sheet, for a long time we have been struck by the fact that Europe's position on investment in housing and its treatment in the fiscal space needs to be addressed, particularly as this has been a critical issue for a country like Ireland. As we came out of the crisis, it was even more of a binding constraint in terms of our ability to invest so it is clearly a broader issue. I agree with the Deputy that it is something that constrains our ability to invest in housing. Having that binding constraint is unfortunate.