Mr. John Coleman:

I will take the last question first. The opportunity to deploy further money may be in ready-to-go sites that we acquire ourselves or that we work with housebuilder partners to deliver. We have a maximalist approach to that at the moment. We try to do everything that is feasible to do once it is within a certain price range, a certain scale and a certain capability of partner that we have, be that a housebuilder or a contractor. The capital that the Deputy mentions comes as part of the further ongoing capitalisation of the LDA as we require it in the years ahead.

On the viability risks of cost rental, it costs quite a lot of money to deliver particularly apartments which is about 85% of what we are focused on. That is where the difficulties in the private sector are most acute because of the cost of delivery. That presents challenges in taking something that is fundamentally expensive to deliver and producing an affordable rent. We get around that by utilising the secure tenancy affordable rental, STAR, scheme. That does not require any financing cost attached to it and there is no coupon attached to it. That makes the rent affordable to our target market which is those who do not qualify for social housing but cannot afford private sector rents.