Mr. Bob Jordan:

There is. First, the revolving fund was set up to access off-market portfolios of repossessed rental properties by banks and funds. At the point in time that it was set up under Rebuilding Ireland there was quite a lot of that around.

In acquiring properties, the role of the Housing Agency was to refer to local authorities to ensure that any properties that we buy or bought would have been in line with social housing need, ensuring that they had good title and there was good value for money for the State. The whole approach to non-performing loans changed over time. At a certain point in time we saw the way the fund was operating and decided to just work with the local authorities on acquiring properties directly on their behalf. Two things were going on. One was a fund but the separate thing was a national housing acquisition team, and that team required a further 582 properties. We were still focused on the 1,600 target. As of today, we have achieved 1,537 but .