Ms Orla Hegarty:

On the market value versus the cost of production, another current issue is the cost of finance. For Part V projects I have recently examined, in some cases up to €20,000 was paid in finance costs because developers have to borrow at high rates. That is a poor use of taxpayers' money if finance is available elsewhere. Some of the cost of delivery concerns public contracts where, under a normal construction contract, the builder is paid monthly and does not have to finance the entire development. That is a much more strategic use of capital, as well as being a quality control. In decisions about outsourcing to large developers who will finance projects, there is a heavy component of finance cost.