Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Dr. Fagan may have the same answer to my next question. The ESRI also states in its submission to this committee that it produced a report last year on the mortgage insurance scheme. That report states:

Through our analysis of the effect of tax breaks, we would argue that any tax breaks aimed at developers will have little effect on supply if the first three factors [that is, lack of finance, the planning system and lack of infrastructure] are the dominant factors in constraining house and apartment building. The uncertainty around whether these factors are operating or not creates a risk that any tax breaks would simply lead to a transfer of tax revenue from the state to developers without any significant effect on supply.

That is the ESRI's view. We know that the Government will announce in the budget a help-to-buy scheme - whatever that may mean - and that it will be backdated. What is the Central Bank's view on such a scheme?