Peter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

I will do my best. I thank the members again for all their genuine and valuable contributions. I understand where each and every one is coming from. I note members saying the fiscal rules may not be here at some point in the future. Unfortunately, I cannot operate that scratch card type of economics whereby you have a crystal ball before you and you make predictions and put legislation through that affects citizens based on that. My job is to try to put through the best Bill we can put through that will deliver the largest scale of social and affordable housing in this State. I remind members that the affordable percentages are not limits; they are a minimum target. That is the first key thing. The Minister, Deputy Darragh O'Brien, has been very clear that in Dublin he expects the delivery mechanism through the LDA to result in 100% affordable housing. With the previous Government it was 30%. Again, that was not a limit but a minimum. I remind members that through Part V we have the increase to 20%. There seems to be a huge misunderstanding on the committee as to how EUROSTAT and the CSO compile or accredit what is off balance sheet and what is not.

Affordability is not a metric for any agency that is off balance sheet. The metric is whether it can wash its face and how it carries out its business. The LDA, like Coillte and other semi-State companies, will carry out its business by project managing with local authorities. The affordability criteria are set in stone for public lands. There will be a minimum of 50% social and affordable housing, with prices reduced by 20% under Part 5. That gives the LDA capacity and it will project manage with local authorities. The cost-rental element will be 30% below cost rents.

Anyone in this committee who suggests that, notwithstanding the massive economic challenges this State faces and the requirement to build 350,000 houses for citizens over the next decade at a probable cost of €100 billion, the State can shoulder the full cost in future and we should not have a semi-State agency that can deliver housing units countercyclically, regardless of how stressed the State is, is living in fantasy land. We have to provide the maximum number of affordable housing units. The Minister has said it is his intention to deliver 100% affordable housing in Dublin.

I remind Members that these figures are minimum rates, not targets. We have to have an honest and open debate on how to deliver these affordable houses our citizens badly need. I also remind members that the LDA is a publicly-owned semi-State company. I hope that will allay concerns.

With regard to the ESRI report on the challenge the State faces, the Department has a record budget for delivering housing. There is no point in muddying the waters by saying affordability is a criterion applied by EUROSTAT. It is not.