Figures for house prices came out yesterday. We are now seeing astronomical house prices and the highest rate of increase in inflation for eight years. The median price of a home is now €420,000. What nurse, garda or bus driver can afford these house prices? What is the Government doing by way of an emergency reaction to the housing crisis, particularly in the area of affordable housing delivery? It has not met its own affordable housing targets. We have a significant budget surplus available. What is the Government doing as an emergency response to allocate additional public capital money to not-for-profit housing bodies to deliver affordable housing that is genuinely affordable for sale and rent? Why are we relying on and seemingly orientating policy, such as on rents and tax breaks, towards institutional funds, which are a deeply unreliable source of finance, when we have the finance available?

In the two months of this Government, we have allocated close to an additional €800 million in public funding, much of it to the approved housing bodies. That is what we have done. We will continue to look at ways to provide more housing.

They say there are delays.

We came forward with the help to buy scheme and the first home scheme, now called the bridge the gap scheme, which the Deputy opposed.

That is helping a lot of first-time buyers. I accept that prices are too high and I accept that until we get more supply, we will not get into a position where we can moderate house prices. We need more supply. That is the key but the supply will have to be provided through State intervention but also through private sector investment. It is not either-or. I think the Deputy's position is that it is either public or nothing.

No, it is the institutional funds.

I think it has to be both.