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

This is one of the things that I never understood, although I have my suspicions. Obviously NARPS is a special purpose vehicle, SPV, and has the units in it. The debt on those is essentially being repaid by the leasing arrangement between local authorities and approved housing bodies. When NARPS and its units are moved into the LDA, which is a weird thing to do because they are social leases and that is not the LDA's function as it does not do social leases, we always assumed the idea was it would leverage the value of these for the attraction of investment in. Again, in plain English for a poor, lovely TD who does not understand the financial world, how does that actually work? What does that look like in real terms? They do not sell those units but hold them.