Mr. Brendan Burgess:

It had not occurred to me that the scheme might have an influence on mortgage rates. I was concerned about the 80% cut-off because at 80% people, generally speaking, pay an interest rate of about 0.2% to 0.5% lower. The 80% cut-off would have forced people to borrow 80% when a 79% mortgage would be cheaper. I am glad it is being brought down to 70%, which I read in The Irish Timestoday. That is good. It will stop people taking out excessive mortgages.