Mr. John Coleman:

The reality is that whether you build an apartment in Cork or the centre of Dublin, apartments are expensive to deliver. It is well understood by the industry that your average apartment, take it as a two-bed, would be north of €400,000. We get very good value for money. We run competitive processes that create bid tension on all our schemes. In fact, the last process we ran resulted, from opening bid to final contracting price, in an average reduction of €28,000 per apartment on our last scheme. From a value for money perspective, we are very secure. We build lots of apartments directly ourselves so we understand the costs involved in these. We are clear that we do not overpay for any schemes we do in partnership with housebuilders.