Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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That neatly leads into my next round of questions. I am trying to understand how that equity model is working. Under the Affordable Housing Act and with the approved housing bodies, they raised debt through the Housing Finance Agency and the cost-rental equity loan they acquire through their turnkey. They charge rent, over 40 to 60 years the debt is paid and then the rent roll generates a surplus. That is clearly not how the LDA is structuring the finance for its equity model. In as simple terms as possible for those of us not accustomed to the financial wizardry of these things, will Mr. Coleman explain how the funding model works? I am particularly interested to know, because it is ISIF funding, what is the return to ISIF. At what point is the equity paid out or returned? Will there ever be a surplus generated from the rent roll in cost rental? That is an integral part of cost rental and I am not sure it will be in the LDA model. Maybe Mr. Coleman can explain it.