Mr. David Duffy:

My answer to that is I don't believe there's a property bubble. I think there is an imbalance in Dublin. I don't think that's representative, by any stretch of the imagination, in all other areas of the country. The imbalance is a complex one of supply and demand. I think the regulation from the Central Bank will have an impact slowing it down. I think rents are too high because of that demand issue. The requirement for the deposit size to make an entry into the housing market will have a material effect on first-time buyers. If you go down to the other major cities of this country, you will see much less of a rise and much less pressure on housing and then there are other parts along the middle spine of this country where there is no pressure on the house pricing. So, on balance, I don't see this as a property bubble.