Mr. Brendan McDonagh:

Yes, exactly, but from 2014 onwards, the sales price of the house exceeded the cost of building. In that period, we have been involved in the delivery of 32,000 units. I agree with the Deputy that there was a misconception back during what I would call the "troika blackout". Let us put it this way. When the troika was in the country, we were completely focused about getting out of the troika programme. There was an emerging housing crisis as the economy began to grow. The economy was growing rapidly from 2014 onwards, which enabled us to get out of the troika programme. However, the issue with housing is that clearly enough housing was not built. There are lots of reasons housing was not built. It was not commercially viable. Even when it was commercially viable, there probably was not enough emphasis on actually building the right type of housing. My own personal view is that there is a pyramid structure in terms of any housing market. If you do not build enough social housing, you are putting subventions into the market for those social housing tenants to compete with people in the private sector market. Effectively, the only way you can actually get the housing problem down, in my personal view, is to provide more social housing. That viewpoint is beginning to emerge, but we are late to the game.