Brian Cowen (Laois-Offaly, Fianna Fail)

The right thing to do in the new economic circumstances in which the Government found itself in preparation for the 2009 Estimates was to confirm that there will be a deferral in terms of the provision of accommodation pending review in 2011 in respect of those sites where it was felt, first, there was not a contract in place and, second, it would not have been possible to proceed between now and then. That was the right decision to make.

As I said, more than €350 million of the €556 million was provided by the offsetting of the sale of very high value sites at the height of the property market and the potential for future receipts will be much more limited. There was also property valued at €75 million which was transferred to the Affordable Homes Partnership and the OPW has agreed joint venture development schemes with a value of approximately €125 million, subject to the volatility in the current property market.

It is important to point out with regard to the purchase of sites at the prices available in 2006, 2007 and 2008 that, similarly, those high prices were available in respect of the disposal of many sites. The figure of €556 million in respect of those disposals provides a positive offsetting against the €276 million that has been spent on the programme to date.

See this speech in context