Mr. Frank McDonald:

It is undoubtedly true that we value owning our own home, initially with the aid of a mortgage but ultimately a person eventually becomes the owner. One of the nicest letters I ever received was from the EBS saying that my loan was paid off. That happened two years ago and I thought that it could not be happening at a better time. The devotion to the idea of property ownership is related to the cultural and historical legacy of Ireland, and history of dispossession and fear of dispossession, which is something that makes the rental market such a minority thing. It is quite normal in Switzerland, Germany and other continental countries for people to rent rather than buy because it is more convenient for them and they do not fear being thrown onto the street. Here, there is a fear that people have no security if they rent so they need to buy. As to what can be done about it, we are talking about a cultural shift, which takes time.