Mr. John Coleman:

I wish to touch on a couple of the points made. The reason land in some locations is expensive is there is not enough of it available. That is what we intend to remedy. We can fundamentally impact on the land market in that respect.

Reference was made to developers walking away with a profit. As I mentioned, in the development and delivery processes the elements at the end are not necessarily the largest parts in terms of profitability. It is a question of the elements that happen beforehand, including land assembly, planning, zoning work and servicing. These are the areas in which much of the profitability arises. Where State lands are involved, they will be captured for the State's benefit. As well as increasing the supply of land, it should help to moderate the cost and feed into housing affordability. That is the bigger picture with the Land Development Agency.

I totally understand the need for accountability and transparency. As we move through the design of the agency through legislation and the appointment of the board, it will be of primacy for us to ensure the committee, the Oireachtas and all stakeholders have full confidence in the agency and its dealings. We have yet to work out the details. There will be some tempering, perhaps in the confidentiality of any commercial arrangement entered into, but transparency and accountability will have primacy in design approach we are taking.