Mr. Frank Daly:

Not really, that pretty much sums it up. There is a huge demand and if one leaves aside NAMA and our 20,000 units, there is an opportunity to provide 80,000 houses up to 2020. In the future, the model of the house builder or the developer will probably be broader than it is. In the United Kingdom, for example, the vast number of houses are built by PLCs, not by the traditional small developer we have seen here. It probably would be no harm to see a greater mixture in the Irish market.

Another point that is really important - Mr. McDonagh referred to the ESRI research we co-sponsored - is that hard data for supply and demand and demographic needs have been absent, although they are beginning to become available. If we do not get this right, members might be looking for a NAMA II in ten years time.