I thank the Member for those questions. We will have to take a pragmatic approach to the EIB in the end. It’s as Nick Ramsay said—we are facing the economic realities of the impact of austerity on our capital budget. The president of the EIB has said that although the technical issues are difficult they are not insurmountable, if the UK were to remain a subscribing partner, but it will need the agreement of all 27 other members of the European Union to that. So, we may have to look in a pragmatic way to our own arrangements.

It is certainly true that our investments from the EIB have been on an upward trajectory over a number of years and it’s not just public investment, for example, the second campus at Swansea, which drew heavily on the EIB, but Welsh Water is a major beneficiary of EIB investment in infrastructure here in Wales, and the Welsh Government has schemes as you’ve heard as well.

In terms of social landlords, the scheme is led by my colleague Carl Sargeant. In the first tranche of housing finance grant, 19 Welsh RSLs took part in it. We were able to provide the revenue funding to support £125 million-worth of capital investment to deliver around 1,000 affordable homes. We hope that, by bringing RSLs together, they will be able to finance a scheme of around £250 million, and that will be a very significant addition.

The Member is right to say that there is no blank cheque here from the ONS. They have given us a go ahead on the model that we have presented to them—it took a 300-page document for them to come to the conclusion that our scheme will be classified in the right way, but we will have to manage the risk in every single scheme that we put forward to make sure it stays that way.

I feel like we’ve had some very different advice across the Chamber here. From a UKIP perspective, an anxiety that we are risking overleveraging on the basis of revenue, while Adam Price suggested that we should go further and find more revenue for capital investment purposes. As the finance Minister, I have to try and strike a balance between those two positions. Revenue is very precious in the current circumstances. Adam will know, when we spent time together earlier in the autumn, looking at our budget, finding small amounts of revenue for very important purposes was a hard job. So, I don’t give away revenue lightly to support capital borrowing. But sometimes, the capital needs are urgent and necessary and have that wider economic benefit, and therefore I’m prepared to do that. I think we’ve taken a prudent course in doing so. I’m confident we don’t run the risk that Mark Reckless suggested. I’m not keen to run some of the risks that I think Adam Price would seek to tempt us to.