Mr. Roger Harrington:

I might open up with that before I hand over to the regulator. First, on the question of gearing, yes, we are very conscious of that issue and we have had a lot of interaction with the AHB sector over the past year or so on that. The Housing Alliance has produced a comprehensive report by Savills, which it has forwarded to us. The Irish Council for Social Housing, ICSH, has also produced a financial roadmap document which it published last October. We have been undertaking a CALF review, and one of the recommendations of that review is that we set up an internal departmental working group to look at the issue of gearing in the AHB sector, which will report in 2023.