Mr. Barry O'Leary:

We could certainly look at stretching out the loans if Government policy changed. I would be a bit wary of making the assumption that just stretching it out will deliver the nirvana of lower rents. We have the facility to fund stuff on a fixed-rate basis for 30 years and we then stretch it out to 40 years using assumptions that it will be variable from year 30 until year 40. If we then needed to make assumptions that it will be variable from year 40 to year 50 or year 50 to year 60, we would run the risk that the assumptions we might make about variable rates could make the thing reverse. We would need to look at it. We are fully employed at the moment and we have not looked closely at that. It would be fairly straight forward.

Would I like to hazard a guess as to what 0.75% would do? Not particularly. However, if I were being helpful, I would say somewhere between €100 or €120 a month. I will write to the Deputy next week to say I was wrong and outline what the real number is.