Mr. Declan Dunne:

I do not know the answer to that. That is as much as we know. In the meantime, we live in a pragmatic world. There are people out there in terrible situations depending on houses. That is why we are asking for this to be done in the meantime. It is a pity. The Deputy is correct that if that review disconnects that, that would solve the matter and it would be greatly appreciated.

On the question the Deputy asked about CREL and CALF in terms of equity, what the problem is and if that will fix the problem, it would go a long way and it could help us greatly move towards being off Government balance sheets. We must think about the fact future housing need will be massive. A huge number of houses will be needed. We need to think about how the State has requirements on its capital for hospitals, roads and all sorts of things. We are cognisant of that and moving towards equity may help with that.

Regarding whether that fixes the CREL model, there are practical issues. All of us here have the common objective of trying to have the lowest possible rents for people in desperate situations who are paying ridiculously high rents. As we have piloted the CREL model so far, there has been criticism of why it is so high or why it is €1,200 or €1,400. This is because we do not have an affordable housing model, we have a cost rental model. The cost rental model means everything is associated with the cost, as it should be. That includes the cost of building, land, interest and so on, and interest rates have risen significantly. That is the challenge we have to a great extent as we tailor the model and pull it and twist it try to get the rents as low as possible, which is always our focus. Having the equity will certainly help but we must be realistic and say what are the costs. The costs are very different from what they were previously, which is the outstanding issue. This has to be replicable, sustainable and capable of being delivered by local authorities, the LDA and by us. We need a model that will work for everybody. That is as much as I can add to that.