Mr. Brendan McDonagh:

In 2012, when the country was under control of the troika, there was no capital programme available to the local authorities or the AHBs to buy substantial numbers of social housing units. The policy then was around the leasing model. At the time, I met the then Minister for the environment who asked NAMA to come up with an idea to help. Myself and my colleagues came up with an idea that we would create an SPV and buy the properties from the developers and receivers. Some of these were unfinished housing estates and we put the money in to finish them. They were owned by the NAMA SPV and leased to the AHB or local authority. That is how we got 1,366 units. The value of those units today is in excess of €350 million. That is money the State does not have to find somewhere else. We handed it over to the Minister as part of our surplus. The Minister has directed us to transfer them to the LDA, which will carry on those leases with the AHBs and local authorities involved.