Mr. Tom Phillips:

I am talking about now, 2014. It is still very high. One could actually ask how much land we have zoned for development in the country but, while one might regard it as part of the equation, one would have to conclude on analysis that it cannot be developed because it is non-viable. NAMA has said it would not enter into the market where land is non-viable because it would be wasting taxpayers' money. The same is the case with developers. One cannot develop speculatively, nor can one go to the banks; even if the banks were lending, one could not get the money if the scheme were non-viable. The planning system has to step up to the plate and say we need viable plan-led development.