Mr. Paul Joyce:

I wish to respond to the original question of who should benefit from the 15% deviation on a 20% deposit. Ideally, it should be first-time buyers with a very good credit rating. How can we have a very good credit rating when the Credit Report Act 2013 has been passed by the Houses of the Oireachtas and the Central Bank, in its consultation paper, tells us that the central credit register is not expected to be up and running until early 2016? If the pieces do not move along at the same pace then it becomes part of the same problem. Everything is now suddenly being done quickly but not in a coherent way.