Ms Orla Cleary:

It is a two-parter. The first point is that we borrow 100% of the funding, as Mr. O'Gorman said but with social housing, we have the benefit of the P and A income. We have a guaranteed income stream that is used to repay the loan. Cost rental is a riskier model because the income we have is tenant rent and there is always a risk. With regard to board appetite, it is different as it is a different risk model. There is that element. Ultimately it comes down to cost of delivery. We have to find that balance between how much it is going to cost to deliver homes and being able to balance that out with the rent that is affordable and that falls at a minimum of 25% below market value but is also something that can be sustained. There is a tension between those factors together. Resources and space are always valuable. Those are the two main things, namely, the funding element and the risk in terms of repaying that funding in the future.