Ms Sarah Cooney:

Yes, in general. As soon as the final legal contract is agreed, it will be retrospectively put in place. There were two reasons around the equity element. Under the cost-rental or cost-recovery model, when equity is put in it has the effect of enabling a reduction in the rents because of the way the calculations are made. The Housing Agency does the financial modelling around this and then determines the appropriate rents. That is one side. The other relates to the concerns AHBs about the ability of this equity to be gearing neutral or even gearing positive in terms of their balance sheets.