Mr. Ross Maguire:

The equality issue is important. It is argued that the introduction of regulation will price certain people out of the market and they will, therefore, be disadvantaged. Senator Hayden gave the example of somebody with rich parents who can afford to pay the deposit and, therefore, has an advantage over somebody who does not have rich parents. The reality is, however, those parents are there anyway and if the two borrowers are competing in the market in the absence of the 20% deposit, the child of rich parents will have extra cash to outbid the person without rich parents. That example does not hold water when it is analysed and, ultimately, those who come from better off backgrounds simply have more access to money or credit. They have more purchasing power, however it comes, and the price will be driven up. I genuinely believe the Governor is correct in that too much credit in the system leads to gross inequality. I cannot stand over any particular academic data but my sense is that Ireland is a more unequal society now than it was some years ago. That is partly the result of excess credit. The Governor pointed to the important example of the United States, where credit is freely available but where inequality is at an unacceptable level. This is a big societal issue.