Mr. Brian O'Gorman:

Mr. Dunne has more or less given the case. We are obviously trying to drive down the rents as low we can. We realise that the more we can drive those down, the bigger the pool of people that will be available to us. We have tried to develop the properties in as reasonable and cost-effective a way as we can. We have applied an affordability measure to our assessment of potential applicants. We do not want anybody to spend more than 35% of his or her net income on rent because that just brings people into unaffordability and issues regarding rent arrears, debt and so on. We have managed, therefore, to bring the rents between €900 to approximately €1,100 across the various schemes.

We hope the success this year, which we are anticipating, will deliver a permanent budget line in order that this will be something allocated year on year. Then we can begin to plan much further in advance. We can develop sites ourselves. These are all acquisitions. We will be able to develop sites if we know a programme is coming. We hope to be able to drive that down further.

In addition to what Mr. Dunne said, the rents will be indexed to inflation, to consumer price index, CPI, which will be less than the increase in market rent. Therefore, we expect that affordability will increase over time. These are 40-year terms. At the end of that 40 years, when they are available to other households, long after I have left the scene, we hope we can bring down the rents even further because the loans will have been paid back.