Sean Barrett (Independent) | Oireachtas source

I am sure the Acting Chairman will call me to account. I welcome the witnesses from Ulster Bank. The sentence on page 3 of the opening statement, "there is a cost to living in a home", needs rephrasing. Both members and the people know this. As the witnesses are aware from The Economist over the years, Ireland had the highest house price inflation of any country for which Pam Woodall collected the data. Mr. Bell has just stated it is 40% of one's disposable income. Consequently, that statement must be rephrased. People know darn well what is the cost of living in a home, because they have been paying it. There is house tax, water tax and television tax. According to the Minister, Deputy Rabbitte, even if one lives in a cave, one still will be obliged to pay that tax. Moreover, there has been a 25% reduction in retail sales in this economy. Consequently, it is insensitive to include that sentence to the effect that people do not know this. They are groaning under the burden and it plays a major part.

What loan-to-value ratio is being used in the Ulster Bank at present?