Mr. Brendan Burgess:

There are two ways of looking at it. On the one hand I believe that people should be encouraged to save and put a deposit together. By and large I support the Central Bank's rules. The overall 80% is a good idea as is the exemption for first-time buyers, that is, the 90% for first-time buyers up to €220,000 and the various exemptions.

I am not a fan of the Central Bank but I believe it has got this right. I have mixed views on the first-time buyers grant. I would prefer if the Government was not interfering with the market, but 12% of the sale price of new houses goes on VAT so I view the 5% as almost a partial refund of the 12%. I do not have the same big problem with that as do other people. The €600,000 ceiling appears to be mad and way too high. I would probably reduce it to €300,000, which is a different way of answering the Deputy's question.