Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

I thank Professor Barrett and Professor McQuinn for the breadth of issues they have covered thus far. I would like to make one comment and ask one brief question. In regard to Professor McQuinn's point on the counter-cyclical tweaking of macro-prudential models for the Central Bank, I have two slight concerns: first, how would that work in a situation where, say, there is a three- or four-year lag in the housing market, and, second, if based on a metric of how many houses were being built? Surely there is also a metric for second-hand houses. It is not the case that we have a new housing market that is separate to the second-hand housing market. It is all the one market. I am nervous about the use of that as an indicator.

It was also suggested that price levels might be used as an indicator. What price would be used and would the price in one part of the country versus another be different? My own constituency would have different circumstances from Deputy Chambers's constituency in terms of pricing. I would be nervous that that type of tweaking could lead us back to the situation that prevailed in 2003, 2004 and 2005. I make that comment to provoke thought.

I will now come to my question. Do the witnesses think we are doing enough on climate action and, depending on their thoughts in that regard, are there any budgetary implications?