Dr. Robert Kelly:

I thank the Deputy for his questions. There is quite a lot in there. To start with the apartment financing question, we can segment this a little bit. There is, as I said, an investor looking for income. I do not know that it matters whether that income is derived from the State with forward precommitted rental to the State for social housing or whether it is into the private rental sector. However, certainty around what that yield would be is really important for those investors. Where viability becomes even more of an issue is with apartment buildings for sale. There are a number of things, some of which are contained within the document. I do not want to repeat myself given time constraints, but there are ways in which we can lower the cost of that around infrastructure and all the rest. The other part regarding apartments, and there has been some work done here, is to understand essentially the specification and finish of the apartment. Such issues as car spaces can massively drive up the cost of development. If these are being located in urban centres close to transport hubs, maybe we could take a view that we could lower some of the costs by changing some of the specification in planning in order to make them more affordable. We need to think through some of the trade-offs there between the sizes and some of these things. Many of them are needed but there is a balance to be found between change and viability.