Ms Marguerite Ryan:

Mr. Doyle and Ms Hurley referred to the blend of activity required and the role leasing plays in that. There is a strategic objective to harness off balance sheet investment in order to deliver the maximum number of units. That is why we blend capital and current.

The enhanced lease is a specific model within that space. It is not always easy to compare the unitary cost of a lease like that with other delivery mechanisms. We have to look at the availability of alternatives in that area, particularly in a local authority where land is constrained and its own construction programme is operating in parallel but also at a cost.

The lease costs have other elements to them which are not immediately visible and not comparable with the construction, notably management, maintenance and the long-term management of the tenant within the unit. There are outliers relating to more expensive units but there are other schemes progressing at more normal prices in the market. It is a market-rent driven scheme. The leases paid for are not above market rent and a discount is secured on the market rent as part of the contract. It is just about the proportion and the slice of the overall delivery through leasing.

I will have to come back to the Chairman on the lease-to-buy and the lease-to-lease schemes. In most cases, they are 20-year to 25-year leases. Some can be shorter. The reason-----