Mr. Angel Mas:

We believe that policy actions should be targeted at first-time buyers. First-time buyers clearly do not need a house valued at €1 million. We believe that one of the limitations of the help-to-buy programme in the UK was that they set the cap too high at £600,000. That was totally unnecessary if one is targeting first-time buyers. We think that a rational cap might be different in Dublin as compared to other parts of Ireland, but it certainly should not be more than about €225,000 to €250,000. By doing that, the segment of the property market that is most subject to home price appreciation frenzy and speculation can be avoided. It is limited to the type of property that suits first-time buyers.