Mr. Brendan McDonagh:

There is a state aid complaint and we are engaging with the Commission. The complaint was formally sent to us on Monday of this week and we have a period in which to respond to the Commission which will take whatever action it wants after considering our response.

It is difficult for us to know what the land costs of other developers are because we do not have that information. However, I refer to the publicly available information from Cairn Homes plc, an Irish house builder. It has an average site cost of just over €30,000. When we look at our debtors, the site cost is not dissimilar to that figure.

With regard to the opportunities to build in the regions, if it is commercial and works, we will fund it. We have no bias towards Dublin or anywhere else. If something will work in Galway, Cork, Limerick, Waterford or any other county, we will look at it.

In terms of social housing provision, we offered up to 6,500 units and 2,500 have been accepted.

If I understood correctly, the Deputy is making the point that if the local authority and the Housing Agency, which is under the Department of the Environment, Community and Local Government, decide they want to take units, that may increase the social housing element within a scheme to more than 20%. To be clear, this is not a matter for NAMA but for the local authority and the Housing Agency. We do not decide where the units are or how many units will be taken. That is something I would expect the local authority and Housing Agency to take into account.