Mr. Justin O'Brien:

To add to what my colleagues have said, I reiterate the point that the statute regulation, when it comes in, will give security to banks and financial institutions which want to loan to the sector. It is evident that they want a framework that gives them safety. In that sense, the proposed regulator's Bill and the office will enable better delivery. Some of the members' questions were on the performance aspect and on the delivery by the sector, which is understandable in the current context, but I would refer back to the heads of the proposed Bill. The powers being proposed for the regulatory are substantive.

We all would be of the view that the enabling aspect - of enabling the sector to develop and providing safety in respect of it - is important in terms of the governance of the sector and to ensure that boards and the sector deliver and that there are common criteria on performance standards. The sector has worked with the voluntary regulator's office to have an agreed financial code. We are now going to engage on performance standards with the voluntary regulator's office as well in order to ensure that there is common measurement of how we deliver our services. It is reassuring for everybody that there is transparency in respect of what we are delivering and how we are delivering it.

The proposed legislation is quite complex. It is alluded to even in the heads of the Bill. There are constitutional aspects to this that are alluded to in terms of the suggested powers being given to the regulator's office of intervening over the disposal of assets. That is not an insignificant statement and it is noted. I am sure the principal officers and the Attorney General will have to deal with it. It is really important.

Equally, it will overlap with other legislation, such as the Companies Act 2014 and, no doubt, the Finance Acts. It is not simple legislation. It will need careful preparation by the Department, consideration by the members and, equally, input from the Irish Council for Social Housing and the co-operative movement in terms of trying to temper this in an effective, efficient and transparent way for the delivery of housing under regulation. It is quite a large and complex proposal and it will take some time to progress. It is important that it is enacted. The sector welcomes it in broad terms. We have engaged with the voluntary regulation code to which most are signed up. We see it as being necessary for public confidence among both citizens and legislators. I can only wish the committee well in its endeavours over the coming months.