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

It does, but one of them was €5.7 billion of capitalisation, not borrowing, because it has scaled its potential borrowing requirements down to less than €1 billion, probably about €700 million over the lifetime of the plan. The only reason I ask, with the indulgence of the Chair, and it relates to cost rental, and I hope to get clarity on what is happening with the equity in CREL in a second, but it is because, obviously, there are very significant targets for the delivery of cost rental. The funding position of the LDA will be key to that because it will deliver far more of the cost rental. As it stands, from my reading of it, and again we do not have access to the full NewERA report, there is a funding shortfall for its business plan of €3.2 billion on the capitalisation side.

We could theoretically argue that if the LDA upped its borrowing intentions from €700 million to €1.25 billion and secured that entire €1.25 billion of other sources, it might not need the capitalisation. However, last year it asked for capitalisation of €5.7 billion. Correct me if I am wrong but is the Department saying the LDA will not need the extra €3 billion of capitalisation because it will come from borrowing if interest rates fall and it will get funding from these other sources?