Mr. Aidan O'Hogan:

We would be delighted if the State were to intervene and provide social housing. Our policy would be 100% behind that. We genuinely believe it is the only way to solve the problem, particularly in the next few years, as it needs a huge intervention. Even in the private sector, if 20% of the volume were social and public housing it would still be a drop in the ocean relative to the need. If we have given the impression that we are opposed to that, we absolutely are not, but we have had to recognise the constraints that are being imposed on the national Exchequer. If that solution could be provided then we would advocate it tomorrow morning and would be delighted if it happened. It would be wrong to assume that the private sector is not interested in providing social housing. I think it would be interested in providing anything as long as it can get some return. I do not mean an excessive return but one that allows the industry to be financed and to get some return on its investment. The private sector and the construction sector would be delighted to go into that sector, and there is definitely capital available in the private sector that would fund it. There are the logistics of grouping it and making the size viable in terms of the investment required, but it would be completely wrong to think that Property Industry Ireland would not be supportive of that policy. We would be 100% behind it; if the Government can get the money we would see that as a major part of the extension.