Dr. Donal McManus:

The Deputy mentioned the balance sheet issue. As far as we are aware, only one jurisdiction in the European Union is on-balance sheet and that is the UK, though a couple of years ago, it decided to get all associations off-balance sheet. In the UK there are joint ventures between housing associations and private companies on a not-for-profit basis. If we provided more cost-rental accommodation, it would help our balance sheet argument. EUROSTAT referred to three or four areas that indicated being on-balance sheet, one of which was income. If we had cost-rental accommodation, or even affordable rental, it would help. We have re-engaged with the Department as to what is required.