Mr. Philip Nugent:

As Ms Nic Aongusa said, what we need is a multi-strand approach to what is a massive supply challenge. This means we need all hands to the wheel. We need the local authorities in the game, the private sector delivering and we also need approved housing bodies, AHBs, to deliver. Approved housing bodies traditionally have been reliant on a 100% capital funding model. The 2011 housing policy statement envisaged an enhanced role for AHBs, which required them to move quickly from being 100% capital funded to a long-term finance model. To be fair, the State asked them to move in a truncated timeline of a couple of years to a process that has taken 20 years or more in other jurisdictions. It is important to acknowledge the very quick transition that many of the AHBs have made. It is true that AHBs are not a panacea in that they will not on their own deliver the level of units required. At the same time, they have the capacity, and have shown this in the past, to deliver thousands of units annually and we should accept those thousands of units. The AHBs have an important role to play. It is worth acknowledging that the larger AHBs, in particular those that have engaged with the HFA funding model and have achieved certified borrower status, have a significant contribution to make.