Professor Philip Lane:

That is a very good point.

The Deputy is correct in terms of its role in the past.

The fact that commercial property has recovered so strongly in Ireland raises the issue of what level it is at compared to what may be the level that is sustainable in the longer term. This shows up in two ways, one of which is how these acquisitions are being funded. Many of them are not being funded from the Irish banking system. Therefore, in terms of the risk associated with new lending, so far it is limited. The secondary issue is that the recovery also affects the bank's thinking about existing loans, the history of these loans and the value of the collateral against these commercial property loans. I am sure bank supervisors are engaging with the banks on how they should think about this. The recovery is so visible in Ireland that this is definitely one of the big numbers at which we look.