Mr. Jim Baneham:

It is. The CREL portion does not need any repayment during the period. It is similar to CALF. The interest rate is 1%. It is simple interest so is quite a favourable arrangement.

The Deputy asked a question on construction costs. It is a material thing. For cost rental, there is a direct relationship between the rent charged and the cost of delivery. The first two CRELs have been time-focused, as Mr. Jordan said. As a result of that, they have been focused on turnkey. With the open call, there is an aspiration to broaden that and deliver schemes where there is more control over costs. There is pressure on costs in construction but the change from a short-term turnkey focus to a broader, more long-term offering will assist.

The Deputy had a query on the equity portion of the local authority affordable purchase shared equity scheme. The equity, say if it is 20%, will be returned to the local authority at a point in time. The point in time------