Cillian Woods

But that's a very tricky thing to unwind.

How does the scheme work?

Is the money paid to the developer?

Is it paid to the purchaser of the home?

The money actually goes to the purchaser of the home, but it's paid, it's kind of both in a way, because it's paid to the people for the home, but they never see the money.

It really goes straight to the developer.

Calculate, it's not necessarily on a specific apartment basis.

It's that they would just, the developer brings a business cost case to the department and to the housing agency specifically, which is running it.

Then they go and they say, well, we feel a subsidy of 90 grand or a subsidy of 120 grand or 144 grand is required here to bring it back down to a level that people would actually paid in that area for an apartment or what we feel the market can sustain.

So there's a bit of a black box exactly how they decide on what subsidy goes where.

But what we do know is whatever subsidy is that's been paid, it's trying to bring the price down to a level that they feel people in that area would pay for an apartment, a new built apartment.

Yeah, this is money that's gone.

There's no review here.

This is the money that will be due to be paid at the end of the process, which is the way the Cree Connor works, is that the developer takes on all of the risk, I suppose, knowing that they'll ideally get the money at the end.

There is some scope if there is apartments unsold through Cree Connor that the state would step in and buy them for affordable housing themselves, cross rentals or social housing themselves.

But likely there's such demand for stock that they expect these apartments to fly off the shelves.

Not that I know of, but that's kind of a classic, I suppose, section of a comptroller and other general report probably due to come in years to come.

Because at the moment we have the housing agency being the intermediary as opposed to the department trying to set for, trying to look for value for money here.

But it's kind of hard to see how lobbing on 90 grand, 120 grand, well, it's actually 120 grand is the average subsidy, is value for money for the government because it's just chasing apartment costs.

Apartment costs are not coming down as a result of this.