Mr. Des Carville:

That is a very fair question, and it is the right one to ask. I can give the Deputy some figures and perhaps try to demystify some of this because sometimes it just gets a little lost in the narrative. First, NAMA owns loans rather than land and property. The loans are secured on the land, property and so on. Within the residential pipeline, the figures to the end of August show that there is the potential for 12,000 units to be built within that timeline. Of those 12,000, the first number I would jump towards is roughly half, almost 6,537, either have no planning permission or it would be difficult to get planning permission because they are in the wrong location, the zoning is wrong for residential purposes or there are no services – either wastewater out, water in or electricity. Roughly half that number is quite long term in the sense of making a difference. At the moment – again at the end of August – 324 units are under construction. Just a shade over 3,000 units have got planning permission associated with them. The balance of 3,500 units are in the process of getting planning permission. To answer the Deputy's question, that is what is left.