Mr. Stephen Garvey:

On the land, we build on both private and State land. The State is the single biggest owner of land in the country. We are on a number of those developments, so that model works and we are all delivering on that and happy to see more of it. If we zone enough land there will not be enough capital available for it so it will not be expensive. The biggest buyer of land in the last 12 months has been the Land Development Agency. It has been most active in buying land. Land represents such a small percentage of the overall development. For example, we have an apartment development where the land represents only 3% of the cost, which is less than contingency. As such, the land is not the component that is causing the issues.

The Deputy asked about our financial model. We IPOed, that is, became a public company, in 2017. We were one of six companies at that time that were property companies and now only three of us exist. We have turned over €3.5 billion, delivered over 9,000 units as well as community facilities and we have made €217 million, which is a 6% return. If we had put our equity into the banks we would have made just as much. That is why the challenge is that the others are not coming over the hill. The returns are not there. We have shareholders we have to return money to but they are not going to invest in schemes that do not make sense for them. Those are the facts. We have built three factories and hired over 1,500 people. We have 3,500 people going through our sites daily. That is what our returns are. That is why it is so hard to get access to capital. For the quantum of capital we need in this country that is the problem.