Mr. John McCarthy:

From a forecasting perspective, which is why we attended the committee, we are projecting approximately 13,000 units for this year. In equilibrium, on the basis of demographics and changes in headship rates and so forth, it is estimated that we probably need somewhere in the region of 25,000 units per annum. Clearly, there is an imbalance in the sector and that is reflected in rising prices, although the macroprudential tools are certainly dampening developments in the more expensive areas. It is also manifesting itself in rents. From a competitiveness and foreign direct investment perspective, it is something I would be concerned about.