Our problems do not stem from a lack of capital as such but from the regulatory environment we have created, which has driven away international capital. By 2031 we will need about €16 billion of international capital every year. To deploy €15 billion of international capital in one year, we would require 75 firms that could invest and manage €200 million in that year, which is the equivalent of building and completing about 400 units. At present, the average yield for Irish residential investment assets is 5 per cent versus a European average of 4 per cent. We have a proven ability to attract major international investment already and we can do it in housing.
