Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

Mr. Keegan should not take this as a criticism, but that is getting lost in our conversation. When it started, the affordable housing fund was the serviced sites fund, with all its imperfections. The assumption was there would be all-in delivery costs of €300,000, €40,000 would be knocked off with the equity share and someone would be able to sell the property at €260,000. We are now in a world where a three-bedroom property at the upper end of the affordable housing fund limits of €320,000 could cost the purchaser €460,000, ultimately. That person could work his or her entire life paying off that mortgage and still owe an equity share back to the local authority. That does not have to be paid until the person dies or passes the property on, but it is another €150,000.

As regards CREL, is there any prospect in either local authority of delivering cost rental, either from turnkey or new builds, in the context of inflation, at rents below €1,300, €1,400 or €1,500 per month? Is that on the cards in the coming years? Given what has just been said about construction inflation, what rents are expected on St. Michael's Estate, for example? It was €1,300 under Mr. Keegan's predecessor.