Mr. John Moran:

There are a couple of things we need to take into account in answering that question. Much of the investment taking place is with equity rather than debt. The general financial circumstances of the global market - it is not often we use the term "global market" in Ireland's case - are that there are significant amounts of equity seeking homes and a yield in the absence of decent returns elsewhere.

The occupier market and the general economic fundamentals support a reasonably performing property market. Should these factors change, should there be an economic shock or significantly increased interest rates, for example, values will decline. Are we at the bubble stage? Not just yet. Am I concerned that we might be getting there? Quite possibly.