Mr. Brendan McDonagh:

I would not call it a property bubble but prices have an upwards momentum in terms of office space in Dublin, certainly in the central business district, and also in terms of the residential property supply. We would see the biggest movement in terms of family homes in residential properties in the €400,000 to €500,000 bracket. We are involved in funding new developments in Dublin and for first-time buyers there is a pinch point that they cannot go above; once prices go above €280,000, even if there is a nicer house for €290,000 in the same development, people cannot get to that level. There are multiple sub-markets involved in this but supply is an issue and the availability of credit is also an issue in the residential market.