Mr. Eoin Dorgan:

To revert to the Deputy's local authority question, in the first instance it is a matter for the Minister with responsibility for housing to set the role of the local authorities in delivery. However, I make the point that local authorities fall within general Government expenditure in what they spend. If they structure in a certain manner, this does not exclude it from potentially going off-balance sheet. The key point we were trying to make in our initial presentation was that having a commercial return within the venture is one way it potentially could go off-balance sheet. The Deputy also mentioned the availability of funding for housing. Our thinking in respect of the development of housing is a mix of sources is needed and that to get the scale required, one must get the private sector involved. The Ireland Strategic Investment Fund, ISIF, measures have been positive in that sense and one is now beginning to see completely private sector issuances such as Cairn Homes and a number of others.

Mr. Palmer will respond in respect of the growth rate.